##### Table of Contents



SECURITIES
    AND EXCHANGE COMMISSIONWashington, D.C.
    20549
    FORM 20-F
  o

REGISTRATION STATEMENT PURSUANT
    TO SECTIONS 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT
    OF 1934orþ

ANNUAL REPORT PURSUANT TO
    SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
    1934For the Fiscal Year Ended
    December 31, 2006oro

TRANSITION REPORT PURSUANT TO
    SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
    1934oro

SHELL COMPANY REPORT PURSUANT
    TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
    1934   Commission File Number 1-14528
  CNH GLOBAL N.V.
 (Exact name of registrant as
    specified in its charter)
  Kingdom
    of The Netherlands (State
    or other jurisdiction of
    incorporation or organization)
   World Trade Center, Amsterdam Airport
    Tower B, 10th Floor
    Schiphol Boulevard 217
    1118 BH Amsterdam
    The Netherlands (Address of principal executive
    offices)
   Securities registered pursuant to Section 12(b) of the
    Act:
  Name of Each Exchange onTitle of Each Class

which RegisteredCommon Shares, par value 2.25

New York Stock Exchange   Securities registered pursuant to Section 12(g) of the
    Act: None
  Securities
    for which there is a reporting obligation pursuant to
    Section 15(d) of the Act: None
    o þ
  o þ
  þ o
  Rule 12b-2
  Large
    accelerated filer o
    Accelerated
    filer þ
    Non-accelerated
    filer o  o þ
  Rule 12b-2 o þ




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##### 



TABLE OF
    CONTENTS
  PagePART IItem 1.


Identity of
    Directors, Senior Management and Advisers


5Item 2.


Offer Statistics
    and Expected Timetable


5Item 3.


Key
    Information


5Item 4.


Information on the
    Company


18Item 4A.


Unresolved Staff
    Comments


45Item 5.


Operating and
    Financial Review and Prospects


45Item 6.


Directors, Senior
    Management and Employees


80Item 7.


Major Shareholders
    and Related Party Transactions


95Item 8.


Financial
    Information


98Item 9.


The Offer and
    Listing


99Item 10.


Additional
    Information


100Item 11.


Quantitative and
    Qualitative Disclosures About Market Risk


110Item 12.


Description of
    Securities Other than Equity Securities


112PART IIItem 13.


Defaults, Dividend
    Arrearages and Delinquencies


112Item 14.


Material
    Modifications to the Rights of Security Holders and Use of
    Proceeds


112Item 15.


Controls and
    Procedures


113Item 16A.


Audit Committee
    Financial Expert


114Item 16B.


Code of
    Ethics


114Item 16C.


Principal
    Accountant Fees and Services


114Item 16D.


Exemptions from the
    Listing Standards for Audit Committees


114Item 16E.


Purchase of Equity
    Securities by the Issuer and Affiliated Purchasers


114PART IIIItem 17.


Financial
    Statements


115Item 18.


Financial
    Statements


115Item 19.


Exhibits


115Index to
    Consolidated Financial Statements


F-1Amended ArticlesAmended and Restated Outside Directors' Compensation PlanEquity Incentive PlanTop Performance PlanLeadership Incentive PlanList of SubsidiariesCertification Pursuant to Section 302Certification Pursuant to Section 302Certification Required by Rule 13(a)-14(b)Consent of Deloitte & Touche LLP   2




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PRESENTATION
    OF FINANCIAL AND CERTAIN OTHER INFORMATION
  and/or
       3




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
    North America  United States and Canada.
    Western Europe  Austria, Belgium, Denmark,
    Finland, France, Germany, Greece, Iceland, Ireland, Italy,
    Luxembourg, The Netherlands, Norway, Portugal, Spain, Sweden,
    Switzerland and the United Kingdom.
    Latin America  Mexico, Central and South
    America, and the Caribbean Islands.
    Rest of World  Those areas not included in
    North America, Western Europe and Latin America, as defined
    above.  and/or
   4




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PART I  Item 1.
    Identity
    of Directors, Senior Management and Advisers    Item 2.
    Offer
    Statistics and Expected Timetable    Item 3.
    Key
    Information  A.
    Selected
    Financial Data.    No. 03-06, No. 03-06). No. 03-06 No. 03-06 No. 03-06
      5




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For the Years Ended December 31,2006


2005


2004


2003


2002(in millions, except per share data)Consolidated Statements of
    Operations Data:Revenues:Net sales

$
12,115


$
11,806


$
11,545


$
10,069


$
9,331Finance and interest income


883



769



634



597



609Total revenues

$
12,998


$
12,575


$
12,179


$
10,666


$
9,940Net income (loss) before
    cumulative effect of change in accounting principle, net of tax

$
292


$
163


$
125


$
(157
)

$
(101
)Cumulative effect of change in
    accounting principle, net of tax


















(325
)Net income (loss)

$
292


$
163


$
125


$
(157
)

$
(426
)Per share data:Basic earnings (loss) per share
    before cumulative effect of change in accounting principle, net
    of tax

$
1.37


$
0.77


$
0.94


$
(1.19
)

$
(1.05
)Cumulative effect of change in
    accounting principle, net of tax


















(3.35
)Basic earnings (loss) per share

$
1.37


$
0.77


$
0.94


$
(1.19
)

$
(4.40
)Diluted earnings (loss) per share
    before cumulative effect of change in accounting principle

$
1.23


$
0.70


$
0.54


$
(1.19
)

$
(1.05
)Cumulative effect of change in
    accounting principle, net of tax


















(3.35
)Diluted earnings (loss) per share

$
1.23


$
0.70


$
0.54


$
(1.19
)

$
(4.40
)Cash dividends declared per common
    share

$
0.25


$
0.25


$
0.25


$
0.25


$
0.50   As of December 31,2006


2005


2004


2003


2002(in millions)Consolidated Balance Sheet
    Data:Total assets

$
18,274


$
17,318


$
18,080


$
17,727


$
16,760Short-term debt

$
1,270


$
1,522


$
2,057


$
2,110


$
2,749Long-term debt, including current
    maturities

$
5,132


$
4,765


$
4,906


$
4,886


$
5,115Common shares at
    2.25 par value

$
592


$
315


$
312


$
309


$
305Common shares outstanding


236



135



134



133



131Shareholders equity

$
5,120


$
5,052


$
5,029


$
4,874


$
2,761   B. Capitalization
    and Indebtedness.
    C. Reasons
    for the Offer and Use of Proceeds.
   6




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D. Risk
    Factors.
    Risks
    Related to Our Business, Strategy and Operations
  We may
    not fully realize, or realize within the anticipated time frame,
    the benefits of our margin improvement actions.
    
    recapture our brand heritage;
    strengthen our dealer and customer support;
    refocus spare parts activities;
    improve quality and reliability;
    continue developing Financial Services; and
    continue efforts to reduce costs.  best-in-class
  Our
    success depends on new product introductions, which will require
    substantial expenditures.
        We
    depend on key suppliers for certain raw materials and
    components.
   7




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Our
    unionized labor force and our contractual and legal obligations
    under collective bargaining agreements and labor laws could
    subject us to greater risks of work interruption or stoppage and
    impair our ability to achieve margin improvements.
        An
    increase in health care or pension costs could adversely affect
    our results of operations and financial position.
           8




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We are
    subject to currency exchange rate fluctuations and interest rate
    changes, which could adversely affect our financial
    performance.
          We are
    exposed to political, economic and other risks from operating a
    multinational business.
    Risks
    Particular to the Industries in Which We Operate
  We
    operate in a highly cyclical industry, which could adversely
    affect our growth and results of operations.
    
    the credit quality, availability and prevailing terms of credit
    for customers, including interest rates;
    our access to credit;
    adverse geopolitical, political and economic developments in our
    existing markets;
    the effect of changes in laws and regulations; 9




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
    the response of our competitors to adverse cyclical
    conditions; and
    dealer inventory management.    Agricultural
    Equipment Industry
  
    changes in farm income and farmland value;
    the level of worldwide farm output and demand for farm products;
    commodity prices;
    government agricultural policies and subsidies;
    government policies related to fuel ethanol;
    animal diseases and crop pests;
    limits on agricultural imports; and
    weather.  Construction
    Equipment Industry
  
    prevailing levels of construction, especially housing starts,
    and levels of industrial production;
    public spending on infrastructure;
    volatility of sales to rental companies;
    real estate values; and
    consumer confidence.  Financial
    Services
  
    cyclical nature of the above-mentioned agricultural and
    construction equipment industries which are the primary markets
    for our financial services;
    interest rates;
    general economic and capital market conditions;
    used equipment prices; and
    availability of funding through the Asset Backed Securitization
    (ABS) markets.    Changes
    in governmental agricultural policy in the U.S., Europe, and
    Brazil could adversely affect sales of agricultural
    equipment.
   10




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Significant
    competition in the industries in which we operate may result in
    our competitors offering new or better products and services or
    lower prices, which could result in a loss of customers and a
    decrease in our revenues.
     11




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Changes
    in demand for agricultural or construction equipment could
    adversely affect our net sales and results of
    operations.
          An
    oversupply of used and rental equipment may adversely affect our
    net sales and results of operations.
     12




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The
    agricultural equipment industry is highly seasonal, and seasonal
    fluctuations may cause our results of operations and working
    capital to fluctuate significantly from quarter to
    quarter.
          We are
    subject to extensive environmental laws and regulations, and our
    costs related to compliance with, or our failure to comply with,
    existing or future laws and regulations could adversely affect
    our business, financial position and results of
    operations.
   13




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Our
    asset quality, as well as delinquencies and collateral recovery
    rates experienced by Financial Services, can be adversely
    impacted by a variety of factors, many of which are outside our
    control.
      Risks
    Related to Our Indebtedness
  Our
    substantial indebtedness could adversely affect our financial
    condition.
      
    we may not be able to secure additional funds for working
    capital, capital expenditures, debt service requirements or
    general corporate purposes;
    we will need to use a substantial portion of our projected
    future cash flow from operations to pay principal and interest
    on our debt, which will reduce the amount of funds available to
    us for other purposes;
    we may be more highly leveraged than some of our primary
    competitors, which could put us at a competitive disadvantage;
    we may not be able to adjust rapidly to changing market
    conditions, which may make us more vulnerable in the event of a
    downturn in general economic conditions or our business;
    we may not be able to access the ABS markets on as favorable
    terms, which may adversely affect our ability to fund our
    Financial Services business and have an unfavorable impact on
    our results of operations; and
    we may not be able to access Brazilian government-sponsored
    subsidized funding programs for our retail Financial Services
    customers in that country, which may adversely affect our
    ability to fund our Financial Services business and have an
    unfavorable impact on our results of operations. 14




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Servicing
    our debt obligations requires a significant amount of cash, and
    our ability to generate cash depends on many factors that may be
    beyond our control.
    Restrictive
    covenants in our debt agreements could limit our financial and
    operating flexibility and subject us to other
    risks.
  1 4 1 4
  
    incur additional debt;
    pay dividends on our capital stock or repurchase our capital
    stock;
    make certain investments;
    enter into certain types of transactions with affiliates;
    limit dividend or other payments by our restricted subsidiaries
    to us;
    use assets as security in other transactions;
    enter into sale and leaseback transactions; and
    sell certain assets or merge with or into other companies.    Credit
    downgrades of us and Fiat could affect our ability to borrow
    funds.
       15




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The
    performance of our Financial Services business is dependent on
    access to funding at competitive rates; we depend upon
    securitization programs to fund our Financial Services
    business.
      The
    performance of our Financial Services business may be subject to
    volatility due to possible impairment charges relating to the
    valuation of interest-only securities.
    and/or
 16




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Risks
    Related to Our Relationship with Fiat
  Fiat
    owns a significant majority of our capital stock and controls
    the outcome of any shareholder vote, and its interests may
    conflict with those of the other holders of our debt and equity
    securities.
    
    mergers or other business combinations;
    the acquisition or disposition of assets;
    the incurrence of indebtedness; and
    the payment of dividends on our shares.    Fiats
    ownership of our capital stock may create conflicts of interest
    between Fiat and CNH.
    We are
    exposed to Fiat credit risk due to our participation in the Fiat
    affiliates cash management pools.
       17




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In the
    event that Fiat does not provide us financial guarantees, we
    would need to increasingly rely on other sources, the
    availability and cost of which cannot be assured.
    Item 4.
    Information
    on the Company  A.
    History
    and Development of the Company.    B.
    Business
    Overview.  General
       18




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Case &
    New Holland Merger Integration  1999 through
    2004
    
    Establishment of our dual brand families and distribution
    networks;
    Development of new differentiated products using common major
    components on a reduced number of product platforms;
    Restructuring of our manufacturing processes and rationalization
    of our manufacturing facilities to reduce capacity;
    Consolidation of our parts distribution network and of our
    global direct suppliers to our manufacturing facilities;
    Creation of a lean structure and integrating our systems and
    processes to significantly reduce overhead costs; and
    Refocusing our Financial Services operations and returning them
    to profitability.    Industry
    Overview
  Agricultural
    Equipment
  and/or
 19




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and/or
     20




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21




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Agricultural
    Tractor Industry Retail Unit Sales
    North America, Western Europe and Latin America
  
  Sources:
    North America  AEM; Canadian Farm and Industrial
    Equipment Institute. Western Europe  sourced from
    national government agencies within each market. Latin
    America  Management estimates based on data reported
    by Systematics.    1997-1998
 22




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year-over-year
     23




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Agricultural
    Combine Industry Retail Unit Sales
    North America, Western Europe and Latin America
  
    *
    Latin America Pre-1992 only includes Brazil  Sources:
    North America  AEM; Canadian Farm and Industrial Equipment
    Institute. Western Europe  Management estimates based
    on information obtained from Systematics. Latin
    America  Management estimates based on data reported
    by Systematics.         24




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Construction
    Equipment
        Construction
    Equipment Industry Retail Unit Sales
    Heavy Equipment
  
       Sources:
    Management estimates based on information obtained from the AEM;
    CECE; CEMA; and the KOCEMA.  Rest-Of-World
 25




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Construction
    Equipment Industry Retail Unit Sales
    Light Equipment
  
      Sources:
    Management estimates based on information obtained from the AEM;
    CECE; CEMA and the KOCEMA. 26




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27




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Our
    Competitive Strengths
    Well-Recognized Brands.
  Full Range of Competitive Products.
  Strong Global Presence and Distribution
    Network.
  Strong Financial Services Capabilities.
    Strategic Support of the Fiat Group.
 28




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CNH
    Business Strategy
      
    emphasize and focus on our customers and further improve our
    distribution and service capabilities and product quality and
    reliability, all designed to increase customer satisfaction and
    market penetration;
    achieve higher margins than either Case or New Holland earned
    prior to the merger and deliver profitability throughout the
    industry cycles;
    generate cash to reduce our debt and strengthen our consolidated
    balance sheet; and
    continue to position CNH to take advantage of future
    opportunities for expansion with our partners or alone in key
    emerging markets such as China, India, and Russia.    
    Recapture our brand heritages:  We are a
    full-line competitor in the agricultural and construction
    equipment markets, with a proud heritage that goes back through
    generations of our customer base. Our brands have survived by
    satisfying the needs of these customers. To sharpen our focus on
    satisfying customer needs, in the fourth quarter of 2005, we
    reorganized to concentrate on our four distinct global
    brands  Case IH and New Holland in agricultural
    equipment and Case and New Holland Construction in construction
    equipment. Each brand is now focused on maintaining their
    customer bases by more effectively providing the product
    features and requirements, quality and reliability, and service
    and support levels uniquely attributable to each brand. We
    believe that by recapturing this customer connection and
    increasing each customers satisfaction with their brand,
    we can stimulate sales growth, increase capacity utilization and
    improve the efficiency of invested capital.
    Strengthen our customer and dealer support:  We
    believe focused dealers are more dedicated to enhancing their
    brands market position, building customer service
    capabilities, increasing loyalty and earning a larger share of
    their customers equipment and service expenditures. In our
    competitive marketplace, our dealer network is one of the most
    important facets of the retail customer relationship. The
    quality and reliability of a local dealership is an important
    consideration in a retail customers decision to purchase
    one brand of equipment compared with any other. Dealers that are
    stronger, more reliable and better equipped to service a retail
    customer have a greater opportunity to positively influence that
    customers purchase decision. As part of our enhanced brand
    focus, we are allocating new resources to assist our dealers in
    providing enhanced levels of service and reliability to the
    retail customer. We are dedicating additional sales and
    marketing personnel, materials, technical support and training
    to our dealers. We are also continuing to invest in our global
    supply chain systems to allow better visibility and reliability
    in delivery lead times for our equipment.
    Refocus spare parts activities:  Another key
    component of customer satisfaction is prompt parts availability
    to ensure best possible equipment performance. During critical
    periods of equipment usage, minimized downtime can be a major
    factor affecting customer satisfaction. The role of the global
    parts organization is to more effectively satisfy our customers
    needs for parts. Combined with continuing investments to improve
    our depots and global parts system, we expect to provide
    improved parts availability and delivery reliability for our
    dealers and customers. 29




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
    Improve product quality and reliability:  We
    are concentrating product development, management and
    manufacturing efforts to achieve
    best-in-class
    levels of product quality and reliability. As we introduce new
    engines and components to meet evolving environmental
    requirements, we are concentrating on increasing parts and
    component quality, reducing product complexity, facilitating
    product assembly and adjusting product content, features and
    controls to satisfy evolving and differentiated customer
    requirements. Our common platform efficiencies should facilitate
    accomplishing these actions while maintaining research and
    development (R&D) costs at about 3% of net
    sales. Improved product quality and reliability and reduced
    product complexity should lead to reduced future warranty and
    repair costs. Providing products better aligned with the needs
    of customers should allow us to more fully capitalize on market
    leadership positions and command better pricing levels.
    Continue developing Financial Services:  A
    strong Financial Services operation provides another opportunity
    for meeting customer requirements and tailoring offerings to
    better support customer needs. Our Financial Services operations
    are focused on supporting agricultural and construction
    equipment sales to our equipment dealers and retail customers.
    Our marketing efforts include dedicated, specialized
    agricultural and construction equipment teams that can respond
    quickly with specifically tailored financing solutions,
    including operating leases, rental, credit cards, commercial
    lending and insurance, to capture a larger share of our
    customers financing requirements. We are continuing to
    emphasize underwriting processes and remarketing efforts, to
    maintain the quality of our receivables and our access to ABS
    funding. In addition, we have taken proven products and business
    practices developed for the North American market and adapted
    them for use in Western Europe, Australia and Brazil. In Western
    Europe, we expanded our financing opportunities by establishing
    a bank license in France which will allow us to establish
    additional branches in countries such as Belgium and the United
    Kingdom.
    Continue efforts to reduce costs:  Our efforts
    address eliminating excess costs in our systems, processes and
    flows of our production and distribution systems. Our goals for
    cost reductions include:  
    product cost reductions through design cost engineering and
    appropriate product simplification;
    manufacturing efficiencies and eliminating non-value added
    activities and excess inventories;
    finding lower cost sources for purchased parts and components,
    continuing re-sourcing activities in lower cost countries
    (including those where we already have a manufacturing presence
    and are working with local suppliers to develop their
    capabilities for supplying us on a global basis) in conjunction
    with Iveco;
    achieving freight and logistics savings through distribution
    process improvements and eliminating penalties from inefficient
    flows or processes;
    minimizing excess capital employed in the business;
    making more efficient capital expenditures; and
    continuing to reduce overhead costs.   30




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Competition
          Products
    and Markets
  Agricultural
    Equipment
    ® ®
  Tractors
 31




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Combine Harvesters
  Other Key Product Lines
  Parts Support
  Construction
    Equipment
      Heavy
    Construction Equipment
  Crawler Excavators 360-degree
  Wheeled Excavators
  Wheel Loaders
 32




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Other Key Product Lines
  Parts Support
  Light
    Construction Equipment
  Backhoe Loaders
  Skid Steer Loaders
  Mini and Midi Excavators
  Other Key Products
  Parts Support
  New
    Products and Markets
  best-in-class
     33




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Suppliers
      Distribution
    and Sales
             34




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Pricing
    and Promotion
   35




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Parts and
    Services
            Service
    and Warranty
     36




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Seasonality
    and Production Schedules
    Sale of
    Trade Accounts and Notes Receivables
    Financial
    Services
  Overview       37




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Finance
    Operations                   38




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day-to-day
    Asset-Backed
    Securitizations    Insurance
    Legal
    Proceedings
    Product
    Liability   39




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Other
    Litigation and Proceedings
  and/or
     40




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In the Matter of Certain Participants in the Oil for Food
    Program Oil-for-Food Oil-for-Food
  C. Organizational
    Structure.       41




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Form 20-F.
  D. Property,
    Plants and Equipment.      ApproximateLocation

Primary Functions

Covered Area(A)


Ownership StatusUnited StatesBelleville, PA

Hay and Forage


542



Owned(C
)Benson, MN

Agricultural Sprayers, Cotton


200



OwnedPickers/PackagersBurlington, IA

Backhoe Loaders; Fork Lift Trucks


984



OwnedBurr Ridge, IL

Technology (Engineering) Center


497



OwnedCalhoun, GA

Crawler Excavators and Dozers


269



Owned(B
)Dublin, GA

Compact Tractors


65



OwnedFargo, ND

Tractors; Wheel Loaders


633



OwnedGoodfield, IL

Soil Management (Tillage Equipment)


233



Owned(C
)Grand Island, NE

Combine Harvesters


678



OwnedLake Forest, IL

Administrative Offices


65



Leased(D
)Mt. Joy, IL

Engineering Center


120



LeasedNew Holland, PA

Administrative Facilities; Hay and
    Forage;
    Engineering Center


1,069



OwnedRacine, WI

Administrative Facilities; Tractor
    Assembly; Transmissions


1,222



Owned/LeasedWichita, KS

Skid Steer Loaders


738



OwnedItalyImola

Backhoe Loaders; Engineering Center


269



OwnedJesi

Tractors


645



OwnedLecce

Construction Equipment;
    Engineering Center


1,400



OwnedModena

Components


1,098



OwnedSan Matteo

Engineering Center


550



OwnedSan Mauro

Crawler Excavators


613



Owned(B
)FranceCoex

Grape Harvesters; Engineering
    Center


280



OwnedCroix

Cabs


129



OwnedTracy  Le-Mont

Hydraulic Cylinders


204



Owned 42




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ApproximateLocation

Primary Functions

Covered Area(A)


Ownership StatusUnited KingdomBasildon

Tractors; Components; Engineering
    Center; Administrative Facilities


1,390



OwnedGermanyBerlin

Graders, Engineering Center


50



LeasedBrazilBelo Horizonte

Construction Equipment;
    Engineering Center


505



OwnedCuritiba

Tractors; Combine Harvesters;
    Engineering


113



OwnedCenterPiracicaba

Sugar Cane Harvesters


108



OwnedCanadaSaskatoon

Planting and Seeding Equipment;


635



OwnedComponents; Engineering CenterBelgiumAntwerp

Components


850



LeasedZedelgem

Combine Harvesters; Hay and Forage;


1,549



OwnedEngineering CenterOthersSt. Valentin, Austria

Tractors


462



LeasedShanghai, China

Tractors


775



Leased(B
)New Delhi, India

Tractors; Engineering Center


355



OwnedPlock, Poland

Combine Harvesters; Components


1,022



OwnedQueretaro, Mexico

Components


53



LeasedAmsterdam, The Netherlands

Administrative


2



Leased     (A)
    
    -in thousands of square feet(B)
    
    -consolidated joint venture(C)
    
    -Facility to close by the end of
    2008.(D)
    
    -Facility to close by the end of
    2007.    Environmental
    Matters
    non-U.S. regulatory
 43




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##### Table of Contents



on-site
  and/or
     44




---



##### Table of Contents



Item 4A.
    Unresolved
    Staff Comments    Item 5.
    Operating
    and Financial Review and Prospects  Overview
    of Businesses
    
    the credit quality, availability and prevailing terms of credit
    for customers, including interest rates;
    our access to credit;
    adverse geopolitical, political and economic developments in our
    existing markets;
    the effect of changes in laws and regulations;
    the response of our competitors to adverse cyclical
    conditions; and
    dealer inventory management.    Agricultural
    Equipment Industry  
    changes in farm income and farmland value;
    the level of worldwide farm output and demand for farm products;
    commodity prices;
    government agricultural policies and subsidies;
    animal diseases and crop pests;
    limits on agricultural imports; and
    weather.  Construction
    Equipment Industry
  
    prevailing levels of construction, especially housing starts,
    and levels of industrial production;
    public spending on infrastructure;
    volatility of sales to rental companies;
    real estate values; and
    consumer confidence.  Financial
    Services
  
    cyclical nature of the above-mentioned agricultural and
    construction equipment industries which are the primary markets
    for our financial services;
    interest rates; 45




---



##### Table of Contents




    general economic and capital market conditions;
    used equipment prices; and
    availability of funding through the ABS markets.    A. Operating
    Results.    2006
    Compared to 2005  Overview
    of Results         46




---



##### Table of Contents



Revenues    Net Sales
    of Equipment    2006


2005(in millions)Net
    salesNorth America

$
5,354


$
5,698Western Europe


3,843



3,643Latin America


1,001



768Rest of World


1,917



1,697Total net sales

$
12,115


$
11,806     Agricultural
    Equipment  2006


2005(in millions)Net
    salesNorth America

$
3,247


$
3,552Western Europe


2,566



2,517Latin America


549



455Rest of World


1,447



1,319Total net sales

$
7,809


$
7,843      47




---



##### Table of Contents



Year-over-year,
        Construction
    Equipment  2006


2005(in millions)Net
    salesNorth America

$
2,107


$
2,146Western Europe


1,277



1,126Latin America


452



313Rest of World


470



378Total net sales

$
4,306


$
3,963      48




---



##### Table of Contents



Finance
    and Interest Income    Costs and
    Expenses   49




---



##### Table of Contents



year-over-year
             50




---



##### Table of Contents



Tax
    Rates  Consolidated    Equity In
    Income (Loss) of Unconsolidated Subsidiaries and
    Affiliates    Net
    Income    Effect of
    Currency Translation       51




---



##### Table of Contents



2005
    Compared to 2004  Overview
    of Results          Revenues    Net Sales
    of Equipment    2005


2004(in millions)Net
    salesNorth America

$
5,698


$
5,241Western Europe


3,643



3,834Latin America


768



913Rest of World


1,697



1,557Total net sales

$
11,806


$
11,545    52




---



##### Table of Contents



Agricultural
    Equipment  2005


2004(in millions)Net salesNorth America

$
3,552


$
3,383Western Europe


2,517



2,681Latin America


455



715Rest of World


1,319



1,221Total net sales

$
7,843


$
8,000            53




---



##### Table of Contents



Year-over-year,
    Construction
    Equipment  2005


2004(in millions)Net
    salesNorth America

$
2,146


$
1,858Western Europe


1,126



1,153Latin America


313



198Rest of World


378



336Total net sales

$
3,963


$
3,545          54




---



##### Table of Contents



Finance
    and Interest Income    Costs and
    Expenses     55




---



##### Table of Contents



year-over-year
    2005


2004


2003(in millions)Non-core portfolio

$
78


$
131


$
330Percentage of total portfolio


0.6
%


1.0
%


2.7
%Delinquency percentage(1)


28
%


27
%


29
%Annual loss percentage(2)


1
%


4
%


15
%Allowance for credit losses

$
34


$
50


$
68     (1)
    
    Calculated as the percentage of loans in the relevant portfolio
    more than 30 days past due.(2)
    
    Calculated as the ratio of the annual loss to the average
    portfolio for the year.           56




---



##### Table of Contents



Tax
    Rates  Consolidated    Equity In
    Income (Loss) of Unconsolidated Subsidiaries and
    Affiliates    Net
    Income    Effect of
    Currency Translation   57




---



##### Table of Contents



Application
    of Critical Accounting Estimates
    Allowance
    for Credit Losses        Equipment
    on Operating Lease Residual Values   58




---



##### Table of Contents



end-of-lease
  Off-Balance
    Sheet Financing      Weighted Average


10%


20%Assumptions


Change


Change(in millions)Constant prepayment rate


17.87
%

$
.2


$
.5Expected credit loss rate


.71
%

$
3.1


$
6.3Discount rate


10.65
%

$
4.2


$
8.3Remaining maturity in months


17     Recoverability
    of Long-lived Assets
     59




---



##### Table of Contents



Realization
    of Deferred Tax Assets
        Sales
    Allowances
        Warranty
    Costs and Campaigns
   60




---



##### Table of Contents



Defined
    Benefit Pension and Other Postretirement Benefits
   61




---



##### Table of Contents



2006 Benefit Cost


Year End Benefit Obligation(income)/expense


increase/(decrease)One Percentage-


One Percentage-


One Percentage-


One Percentage-Point Increase


Point Decrease


Point Increase


Point Decrease(in millions)Pension benefits  U.S.:Assumed discount rate


(8.7
)


8.5



(121.3
)


134.9Expected long-term rate of return
    on plan assets


(9.0
)


9.0



N/A



N/APension benefits 
    International:Assumed discount rate


(9.9
)


14.5



(271.0
)


317.0Expected rate of compensation
    increase


8.5



(6.6
)


48.0



(44.5
)Expected long-term rate of return
    on plan assets


(10.7
)


10.7



N/A



N/AOther postretirement benefits:Assumed discount rate


(15.5
)


15.6



(142.7
)


159.2Assumed health care cost trend
    rate (initial and ultimate)


33.0



(25.8
)


158.8



(133.3
)   non-U.S. plans,
    non-U.S. plans
     62




---



##### Table of Contents



Product
    Liability Reserve
    Income
    Tax Reserves
    New
    Accounting Pronouncements
       63




---



##### Table of Contents



B. Liquidity
    and Capital Resources.
    Cash
    Flows
   64




---



##### Table of Contents



Cash
    Flows from Operating Activities
  For the Years Ended December 31,2006


2005


2004(in millions)Equipment Operations

$
715


$
849


$
879Financial Services


(39
)


(240
)


200Eliminations


(69
)


(60
)


(109
)Consolidated

$
607


$
549


$
970   year-over-year
  year-over-year
  Cash
    Flows from Investing Activities
  For the Years Ended December 31,2006


2005


2004(in millions)Equipment Operations

$
(88
)

$
331


$
22Financial Services


(346
)


172



(503
)Eliminations






13



85Consolidated

$
(434
)

$
516


$
(396
)      65




---



##### Table of Contents



Cash
    Flows from Financing Activities
  For the Years Ended December 31,2006


2005


2004(in millions)Equipment Operations

$
(792
)

$
(952
)

$
(754
)Financial Services


447



132



453Eliminations


69



47



24Consolidated

$
(276
)

$
(773
)

$
(277
)   1 8
    Credit
    Ratings
        
    On March 12, 2007, Moodys affirmed CNHs
    long-term senior unsecured debt rating of Ba3 and upgraded their
    outlook from negative to stable.
    On February 12, 2007, Moodys upgraded Fiats
    long-term senior unsecured debt rating to Ba2 with a positive
    outlook.
    On January 26, 2007, S&P affirmed Fiats and
    CNHs BB corporate credit ratings and revised its rating
    outlook for each to positive from stable.
    On January 26, 2007, Fitch upgraded Fiats long-term
    senior unsecured debt rating to BB with a positive outlook.
    On April 8, 2006, S&P upgraded Fiats and
    CNHs corporate credit ratings to BB (stable outlook).
    On February 22, 2006, in connection with Case New Holland,
    Inc.s announced 7.125% Senior Notes offering,
    Moodys reaffirmed their Ba3 rating of CNHs long-term
    senior unsecured debt, with a negative outlook.
    On February 22, 2006, in connection with Case New Holland,
    Inc.s announced 7.125% Senior Notes offering, DBRS
    reaffirmed their BB High rating of CNHs long-term senior
    unsecured debt, with a stable trend.
    On February 21, 2006, in connection with Case New Holland,
    Inc.s announced 7.125% Senior Notes offering, S&P
    reaffirmed its BB rating of CNHs long-term senior
    unsecured debt, with a stable outlook.
    On November 8, 2005, DBRS assigned an issuer rating of BB
    to Fiat, with a stable trend. 66




---



##### Table of Contents



Sources
    of Funding
  Funding
    Policy
        
    To fund Equipment Operations short-term financing
    requirements and to ensure near-term liquidity, we rely
    primarily on bank facilities. We also maintain a funding
    relationship with Fiat through the overdraft facilities granted
    to us under the cash pooling arrangements operated by Fiat in a
    number of jurisdictions. We manage our aggregate short-term
    borrowings so as not to exceed availability under our lines of
    credit with banks and with Fiat.
    As funding needs of Equipment Operations are determined to be of
    a longer-term nature, we will access medium- and long-term debt
    markets, as appropriate, to refinance short-term borrowings and
    replenish our liquidity.
    We maintain unutilized committed lines of credit and other
    liquidity facilities, complemented by available cash and cash
    equivalents and Deposits in Fiat affiliates cash management
    pools, to cover our expected funding needs on both a short-term
    and long-term basis.
    The most significant source of liquidity for our Financial
    Services business is asset securitizations to finance the
    receivables we originate, including wholesale receivables
    purchased from Equipment Operations. We intend to continue to
    cultivate our recourse to the ABS and ABCP markets worldwide,
    based on the acceptance of the performance and characteristics
    of our receivables, the performance of our existing securities
    and the continuing growth of such markets.
    We complement our ABS funding strategy for Financial Services
    with access to bank facilities, both short-and long-term, to the
    capital markets and to Fiat funding via its cash pooling
    arrangements. In Brazil, Financial Services continues to utilize
    financing provided by the Brazilian development agencies to
    support the growth of the agricultural sector of the economy.
    Financial Services has also relied in the past and may continue
    to rely on intersegment notes from Equipment Operations.    Consolidated
    Debt
    Consolidated


Equipment Operations


Financial Services2006


2005


2006


2005


2006


2005(in millions)Long-term debt excluding current
    maturities

$
4,072


$
3,706


$
2,366


$
2,011


$
1,803


$
1,695Current maturities of long-term
    debt


1,060



1,059



53



385



1,007



674Short-term debt


1,270



1,522



488



826



2,130



1,763Total debt

$
6,402


$
6,287


$
2,907


$
3,222


$
4,940


$
4,132  67




---



##### Table of Contents



Consolidated


Equipment Operations


Financial Services2006


2005


2006


2005


2006


2005(in millions, except percentages)Total debt

$
6,402


$
6,287


$
2,907


$
3,222


$
4,940


$
4,132Less:Cash and cash equivalents


1,174



1,245



703



858



471



387Deposits with Fiat


497



580



496



578



1



2Intersegment notes receivables










1,445



1,067







Net debt


4,731



4,462



263



719



4,468



3,743Total shareholders equity


5,120



5,052



5,120



5,052



1,788



1,587Net capitalization

$
9,851


$
9,514


$
5,383


$
5,771


$
6,256


$
5,330Net debt to net capitalization


48
%


47
%


5
%


12
%


71
%


70
%     Consolidated


Equipment Operations


Financial Services2006


2005


2006


2005


2006


2005(in millions, except percentages)Total debt

$
6,402


$
6,287


$
2,907


$
3,222


$
4,940


$
4,132Total shareholders equity


5,120



5,052



5,120



5,052



1,788



1,587Total capitalization

$
11,522


$
11,339


$
8,027


$
8,274


$
6,728


$
5,719Total debt to total capitalization


56
%


55
%


36
%


39
%


73
%


72
%       Long
    term debt
   68




---



##### Table of Contents



1 4
    Certificates
    of deposit
    Credit
    and liquidity facilities
   69




---



##### Table of Contents



FacilityDrawnEquipment


FinancialBorrower(A)

Currency

Maturity

Total


Operations


Services


Total


Available


Guarantor(in millions)Committed lines:Revolving credit
    facility  Fiat

Both

Multiple

February 2008

$
1,000


$
209


$
143


$
352


$
648



FiatRevolving credit
    facility  other

EO

Multiple

July 2008


395















395



FiatRevolving credit
    facility  other

FS

US$

October 2009


150







150



150







FiatBNDES Subsidized Financing

FS

Brazil Real

Various from
    January 2007 to
    October 2013


1,571







1,571



1,571







Fiat
(B)Various credit lines 
    other

EO

Brazil Real

Various from
    January 2007 to
    December 2010


128



128







128



Various credit lines 
    other

FS

Australia $

Various from
    January 2008 to
    July 2008


95







47



47



48Total








3,339



337



1,911



2,248



1,091Uncommitted Lines:Revolving shared credit
    facility  other

EO

Multiple

July 2008


922















922



FiatABCP facilities:Receivable securitizations

FS

US$

January 2007


1,200







283



283



917Credit cards securitizations

FS

US$

June 2007


250







155



155



95Receivable securitizations

FS

Canada $

July 2007


258







20



20



238Receivable securitizations

FS

Australia $

March 2008


316







106



106



210Retained interest securitizations

FS

US$

December 2008


300







174



174



126Factoring lines

EO

Multiple

January 2007


111



111







111



Other

EO

Multiple Danish

January 2007


11



5







5



6



Fiat
(C)Other

FS

Krone

January 2007


88







82



82



6Total








3,456



116



820



936



2,520Total credit
    facilities







$
6,795



453



2,731



3,184


$
3,611Less short-term
    portion












(389
)


(681
)


(1,070
)Long-term credit
    facilities











$
64


$
2,050


$
2,114Amount above with or guaranteed
    by Fiat affiliates







$
3,270


$
211


$
1,088


$
1,299


$
1,971      (A)
    
    - Borrower is either an
    Equipment Operations (EO) entity, a Financial
    Services (FS) entity or Both.(B)
    
    - Up to
    $795 million (1.7 billion Brazilian real) of
    subsidized financing provided by Banco Nacional de
    Desenvolvimento Ecomomico e Social (BNDES) is
    guaranteed by Fiat.(C)
    
    - Includes an
    $8 million uncommitted line guaranteed by Fiat. At
    December 31, 2006, $2 million of this line was drawn
    and the remainder was available.  Committed
    lines of credit
   70




---



##### Table of Contents



day-to-day
      Uncommitted
    lines of credit
    Asset-backed
    programs
      Cash,
    cash equivalents, Deposits with Fiat and Intersegment notes
    receivable
   71




---



##### Table of Contents



EquipmentConsolidated


Operations


Financial Services2006


2005


2006


2005


2006


2005(in millions)Cash and cash equivalents

$
1,174


$
1,245


$
703


$
858


$
471


$
387Deposits with Fiat

$
497


$
580


$
496


$
578


$
1


$
2Intersegment notes receivable:Short-term

$



$



$
1,348


$
1,067


$



$
Long-term










97











Total intersegment notes
    receivables

$



$



$
1,445


$
1,067


$



$
       Debt
    and Deposits with Fiat
    Consolidated


Equipment Operations


Financial Services2006


2005


2006


2005


2006


2005(in millions)Long-term debt with Fiat excluding
    current maturities

$
19


$
133


$



$
95


$
19


$
38Current maturities of long-term
    debt with Fiat


33



413







279



33



134Short-term debt with Fiat


438



565



260



479



178



86Total debt with Fiat


490



1,111



260



853



230



258Less Deposits with Fiat


(497
)


(580
)


(496
)


(578
)


(1
)


(2
)Net Debt and deposits with Fiat

$
(7
)

$
531


$
(236
)

$
275


$
229


$
256   1 8
   72




---



##### Table of Contents



Securitization
    2006


2005(in millions)Wholesale receivables

$
3,650


$
3,113Retail and other notes and finance
    leases


4,873



4,580Total

$
8,523


$
7,693   Wholesale
      364-day, 364-day
 73




---



##### Table of Contents



364-day,
  364-day
      Receivables Sold


Outstanding


Retained Undivided InterestLocal





Local





LocalCurrency


US$


Currency


US$


Currency


US$(in millions)United States

$
2,770


$
2,770


$
2,297


$
2,297


$
473


$
473Canada

C$
703



606


C$
540



466


C$
163



140Europe


866



1,141



628



827



238



314Australia

A$
103



82


A$
76



60


A$
27



22     Receivables Sold


Outstanding


Retained Undivided InterestLocal





Local





LocalCurrency


US$


Currency


US$


Currency


US$(in millions)United States

$
2,406


$
2,406


$
1,954


$
1,954


$
452


$
452Canada

C$
569



489


C$
445



382


C$
124



107Europe


814



960



601



709



213



251Australia

A$
149



109


A$
108



79


A$
41



30     Retail   74




---



##### Table of Contents



Other
    Restricted Receivables      2006


2005(in millions)ABCP conduit facilities

$
441


$
434Australia retail receivables


456



246U.S. retained undivided
    interests


185



194U.S. credit card receivables


174



160Receivables sold without recourse






35Total other restricted receivables

$
1,256


$
1,069  75




---



##### Table of Contents



Pension
    and Other Postretirement Benefits
  Pension
    Benefit Obligations  Current funding and asset allocation.
      2008-2014.
  Further funding requirements.
  Future pension expense.
  Other
    Postretirement Benefit Obligations  Current funding and asset allocation.
  Further funding requirements.
  Future postretirement benefit expense.
 76




---



##### Table of Contents



C.Research
    and Development, Patents and Licenses, etc.      Patents
    and Trademarks
  Agricultural Equipment sub-brand
  Construction Equipment
      D.Trend
    Information.  Agricultural
    Equipment Market Outlook
        Construction
    Equipment Market Outlook
     77




---



##### Table of Contents



E.Off-Balance
    Sheet Arrangements.    F.Tabular
    Disclosure of Contractual Obligations.    Payments Due by PeriodLess thanTotal


1 year


1-3 years


4-5 years


After 5 years(in millions)Long-term debt

$
5,132


$
1,060


$
1,899


$
1,389


$
784Interest on fixed rate
    debt(1)


1,119



267



407



291



154Interest on floating rate
    debt(1)


609



171



257



160



21Operating
    leases(2)


207



40



53



37



77Joint venture funding requirements


23



10



13







Total contractual cash obligations

$
7,090


$
1,548


$
2,629


$
1,877


$
1,036     (1)
    
    The interest funding requirements are based on the 2006 interest
    rates and the assumption that short-term debt will be renewed
    for the next five years.(2)
    
    Minimum rental commitments.    Other
    Liabilities
        Total





UnfundedCredit Limit


Utilized


Amount(in millions)Private label credit card

$
3,518


$
203


$
3,315Wholesale and dealer financing


5,546



3,414



2,132    78




---



##### Table of Contents



Purchase
    Obligations
      G.Safe
    Harbor Statement under the Private Securities Litigation Reform
    Act of 1995.     79




---



##### Table of Contents



Item 6.
    Directors,
    Senior Management and Employees  A.Directors
    and Senior Management.        Director/ExecutiveName

Position with CNH

Officer SinceHarold D. Boyanovsky

President and Chief Executive
    Officer, Director

2005/1999Dr. Edward A. Hiler

Director

2002Léo W. Houle

Director

2006Dr. Rolf M. Jeker

Director

2006Dr. Peter Kalantzis

Director

2006John Lanaway

Director

2006Kenneth Lipper

Director

1996Ferruccio Luppi

Director

2005Sergio Marchionne

Director, Chairman of the Board

2004Paolo Monferino

Director

2000Jacques Theurillat

Director

2006Rubin J. McDougal

Chief Financial Officer

2006Randal W. Baker

President, Case IH Agricultural
    Equipment

2006Steven Bierman

President, CNH Capital

2005Ugo De Carolis

President, Parts and Service

2007Franco Fenoglio

President, New Holland
    Construction Equipment

2005Michel Lecomte

Retiring President, Parts and
    Service

2000James E. McCullough

President, Case Construction
    Equipment

2005Lorenzo Sistino

President, New Holland
    Agricultural Equipment

2006Carlo De Bernardi

Vice President, Internal Audit

2004Roberto Miotto

Senior Vice President, General
    Counsel and Secretary

1991Roberto Pucci

Senior Vice President, Human
    Resources

2005Georg Richartz

Senior Vice President, Supply
    Chain and Logistics

2006Loris Spaltini

Senior Vice President, Strategic
    Sourcing

2006    80




---



##### Table of Contents



2001-2002
 81




---



##### Table of Contents



1976-1982 1969-1975.
     82




---



##### Table of Contents



1990-1993,
     83




---



##### Table of Contents



84




---



##### Table of Contents



85




---



##### Table of Contents



B.Compensation.  Directors
    Compensation
    Grant


Dr. Edward


Léo W.


Katherine


Dr. Rolf


Dr. Peter


John B.


Kenneth


Michael E.


James L.C.


Jacques


Paolo


HaroldPrice


A. Hiler


Houle


M. Hudson


M. Jeker


Kalantzis


Lanaway


Lipper


Murphy


Provan


Theurillat


Monferino(1)


Boyanovsky


TotalSalary





$



$



$



$



$



$



$



$



$



$



$
150,138


$
790,595


$
940,733Meeting Fees






12,500























10,000























22,500Annual Fees






77,500



25,000



87,500



16,876



45,000



27,000







46,279



51,279



37,500











413,934Relocation






















































Common Shares Granted:01/29/2006

$
19.13































8,759



8,759















17,51804/06/2006

$
27.58































8,770



8,770















17,54007/05/2006

$
23.87















11,243







8,999



























20,24210/03/2006

$
22.32















11,249







9,017



























20,26612/29/2006

$
27.45















11,250







6,750



























18,000Future Remuneration:Pension Plan


















































65,785



65,785Allowance Upon Termination






















































Bonus:Cash


















































388,000



388,000Restricted Shares


















































56,096



56,096Loans






















































Total





$
90,000


$
25,000


$
87,500


$
50,618


$
45,000


$
51,766


$
10,000


$
63,808


$
68,808


$
37,500


$
150,138


$
1,300,476


$
1,980,614     (1)
    
    Mr. Monferino resigned as President and Chief Executive
    Officer on February 28, 2005. The amount shown represents
    reimbursement of taxes owed and paid via compensation.    CNH
    Outside Directors Compensation Plan
  and/or and/or 1 4
 86




---



##### Table of Contents



2006


2005Exercise





ExerciseShares


Price*


Shares


Price*Outstanding at beginning of year


169,042


$
21.71



142,005


$
22.41Granted


54,589



25.75



31,037



17.90Forfeited


(33,874
)


38.60



(4,000
)


17.28Exercised


(62,987
)


14.10







Outstanding at end of year


126,770



23.16



169,042



21.71Exercisable at end of year


82,770



22.43



141,872



22.50     *
    
    Weighted-average    Options Outstanding


Options ExercisableShares


Contractual


Exercise


Shares


ExerciseRange of Exercise Price

Outstanding


Life*


Price*


Exercisable


Price*$ 9.15 - $15.70


23,271



6.2


$
11.64



23,271


$
11.64$15.71 - $26.20


50,150



8.6



20.25



34,150



20.72$26.21 - $40.00


48,104



8.2



27.98



20,104



28.36$40.01 - $56.00


1,622



3.8



49.31



1,622



49.31$56.01 - $77.05


3,623



3.3



62.87



3,623



62.87     *
    
    Weighted-average  CNH
    Equity Incentive Plan
    Stock
    Option Grants
    thirty-day
 87




---



##### Table of Contents



2006


2005Exercise





ExerciseShares


Price*


Shares


Price*Outstanding at beginning of year


2,041,070


$
34.62



2,464,575


$
33.68Granted


2,010,046



21.20



10,000



18.06Forfeited


(1,814,131
)


22.84



(254,805
)


49.83Exercised


(476,519
)


16.20



(178,700
)


16.18Outstanding at end of year


1,760,466



36.42



2,041,070



34.62Exercisable at end of year


1,361,650



40.48



1,747,634



36.76     *
    
    Weighted-average    Options Outstanding


Options ExercisableShares


Contractual


Exercise


Shares


ExerciseOutstanding


Life *


Price *


Exercisable


Price*Range of Exercise Price$10.00 - $19.99


364,316



5.6


$
16.20



364,316


$
16.21$20.00 - $29.99


387,510



5.2



21.20







$30.00 - $39.99


523,600



4.6



31.70



523,600



31.70$40.00 - $69.99


485,040



3.1



68.85



474,084



68.85     *
    
    Weighted-average  Performance
    Share Grants
    3-year 3-year
  2004-2006 2004-2006
 88




---



##### Table of Contents



2005-2007
      2006


2005


2004Award


Award


AwardGranted


4,475,000



195,946



235,134Cancelled


(2,237,500
)






Exercised










(66,252
)Forfeited






(45,834
)


(119,442
)Outstanding


2,237,500



150,112



49,440       Stock-Based
    Compensation Fair Value Assumptions
    2006


2005


2004Directors


CNH


Directors


CNH


Directors


CNHPlan


EIP


Plan


EIP


Plan


EIPRisk-free interest rate


4.8
%


4.5
%


3.9
%


3.7
%


3.4
%


3.5
%Dividend yield


1.3
%


1.3
%


1.3
%


1.3
%


1.3
%


1.3
%Stock price volatility


71.0
%


34.7
%


72.0
%


71.5
%


75.0
%


75.3
%Option life (years)


5.00



3.25



5.00



5.00



5.00



5.00     2006


2005


2004CNH Directors Plan

$
14.61


$
10.13


$
9.94CNH EIP

$
5.78


$
10.18


$
10.61    89




---



##### Table of Contents



Fiat
    Stock Option Program
    Date of Grant


Exercise Price


OptionsDate of Grant

Share Price


Original


Current


Granted


Transfers


Forfeitures


Exercises


Outstanding


Exercisable3/30/1999


29.38



28.45



26.12



53,300



17,900



(40,500
)






30,700



30,7002/18/2000


33.00



30.63



28.12



102,500



51,000



(74,500
)






79,000



79,0002/27/2001


26.77



27.07



24.85



50,000



(20,000
)


(30,000
)










10/31/2001


18.06



18.00



16.52



249,000



53,000



(173,000
)






129,000



129,0009/12/2002


11.88



11.16



10.39



513,000



27,000



(292,000
)


(51,000
)


197,000



197,000     Executive
    Officers Compensation
    and/or
  C.Board
    Practices.       90




---



##### Table of Contents



www.cnh.com
  day-to-day
          Audit Committee.
   91




---



##### Table of Contents



Corporate Governance and Compensation
    Committee.
    D.
    Employees.    1 2
    E.
    Share
    Ownership.   92




---



##### Table of Contents



Katherine


Kenneth


James L.C.


Dr. Edward


Michael E.


Harold


Léo W.


Dr. Rolf M.


Dr. Peter


John


JacquesGrant Date


Price


M. Hudson


Lipper


Provan


A. Hiler


Murphy


Boyanovsky


Houle


Jeker


Kalantzis


Lanaway


Theurillat


TotalBeginning Balance(automatic option)


11/12/1999


$
77.05



750



750



750



































2,25012/20/1999



68.85























60,000























60,0002/29/2000



56.09



624



713



624



































1,9616/6/2000



60.63



577



660



577



































1,814(automatic option)


6/7/2000



60.00



1,500



1,500



1,500



































4,5009/4/2000



49.55



706



807



706



































2,21912/3/2000



49.08



713



815



713



































2,2413/2/2001



38.63



906



1,036



906



































2,8485/2/2001



26.90



1,301



1,487



1,301



































4,089(automatic option)


5/3/2001



27.88



1,500



1,500



1,500



































4,5007/23/2001



31.70























17,000























17,0007/31/2001



36.35



963



1,101



963



































3,02710/29/2001



26.25



1,333



1,524



1,333



































4,1901/27/2002



29.48



1,188



1,357



1,188



































3,7335/6/2002



26.60



1,436



1,368



1,316



































4,120(automatic option)


5/7/2002



26.45



1,500



1,500



1,500



1,500































6,0007/22/2002



16.18























24,600























24,6008/2/2002



15.23



2,627



2,299







2,299































7,225(automatic option)


9/3/2002



18.53



















1,011



























1,01111/2/2002



15.18



2,636



2,307







2,307































7,2501/31/2003



15.70



2,547



2,229







2,229































7,0055/7/2003



9.15



4,374



3,827







































8,201(automatic option)


5/8/2003



9.23



6,212



6,380



6,194



4,000



4,000



























26,7868/4/2003



9.90



1,136











































1,13611/3/2003



13.49



834











































8342/1/2004



16.54



2,721











































2,7213/22/2004



9.90



3,409











































3,4093/22/2004



13.49



2,502











































2,5024/25/2004



20.66



2,178











































2,178(automatic option)


4/26/2004



21.22



4,000



4,000



4,000



4,000



4,000



























20,0007/24/2004



20.44







1,957







































1,95710/22/2004



17.41







2,298







































2,2981/20/2005



18.44







2,169







































2,1695/2/2005



17.81







2,246







































2,246(automatic option)


5/3/2005



17.28



4,000



4,000



4,000



4,000



4,000



























20,0007/31/2005



21.08







3,084







































3,08410/28/2005



18.37







3,538







































3,538Total Beginning Balance










54,173



56,452



29,071



20,335



13,011



101,600























274,642 Vested/Not
    Exercised










39,961



42,072



14,877



8,335



1,011



101,600























207,856 Not Vested










14,212



14,380



14,194



12,000



12,000



























66,786 93




---



##### Table of Contents



Katherine


Kenneth


James L.C.


Dr. Edward


Michael E.


Harold


Léo W.


Dr. Rolf M.


Dr. Peter


John


JacquesGrant Date


Price


M. Hudson


Lipper


Provan


A. Hiler


Murphy


Boyanovsky


Houle


Jeker


Kalantzis


Lanaway


Theurillat


TotalOptions Granted


1/27/2006



19.13







3,399







































3,3994/6/2006



27.58







2,357







































2,357(automatic option)


4/7/2006



27.70







4,000







4,000











4,000



4,000



4,000



4,000



4,000



28,0007/5/2006



23.87







3,770



































1,047



4,8179/25/2006



21.20























66,038























66,03810/3/2006



22.32







4,033



















4,480



1,008











1,121



10,64212/29/2006



27.45



























3,643



820











911



5,374Total Options Granted














17,559







4,000







66,038



12,123



5,828



4,000



4,000



7,079



120,627Options Forfeited


11/12/1999



77.05



750







750



































1,5002/29/2000



56.09



624







624



































1,2486/6/2000



60.63



577







577



































1,1546/7/2000



60.00



1,500







1,500



































3,0009/4/2000



49.55



706







706



































1,41212/3/2000



49.08



713







713



































1,4263/2/2001



38.63



906







906



































1,8125/2/2001



26.90



1,301







1,301



































2,6025/3/2001



27.88



1,500







1,500



































3,0007/31/2001



36.35



963







963



































1,92610/29/2001



26.25



1,333







1,333



































2,6661/27/2002



29.48



1,188







1,188



































2,3765/6/2002



26.60



1,436







1,316



































2,7525/7/2002



26.45



1,500







1,500



































3,0004/26/2004



21.22



4,000











































4,0005/3/2005



17.28



4,000











































4,0009/25/2006



21.20























54,495























54,495Total Options Forfeited










22,997







14,877











54,495























92,369Options Exercised


4/7/2006



9.23











4,094



































4,0944/10/2006



9.23











2,100



































2,1004/10/2006



21.22











4,000



































4,0004/10/2006



17.28











4,000



































4,0005/5/2006



15.23















2,299































2,2995/5/2006



15.18















2,307































2,3075/8/2006



18.53



















1,011



























1,0115/8/2006



9.23



















4,000



























4,0005/8/2006



17.28



















4,000



























4,0005/9/2006



21.22



















4,000



























4,0009/7/2006



9.15



4,374











































4,3749/7/2006



9.23



6,212











































6,2129/7/2006



9.90



4,545











































4,5459/26/2006



13.49



3,336











































3,3369/26/2006



16.54



2,721











































2,7219/26/2006



20.66



2,178











































2,1789/26/2006



15.23



2,627











































2,6279/26/2006



15.18



2,636











































2,6369/26/2006



15.70



2,547











































2,547Total Options Exercised










31,176







14,194



4,606



13,011



























62,987Ending Balance














74,011







19,729







113,143



12,123



5,828



4,000



4,000



7,079



239,913 Vested/Not
    Exercised














62,011







7,729







105,448



8,123



1,828











3,079



188,218 Not Vested














12,000







12,000







7,695



4,000



4,000



4,000



4,000



4,000



51,695  94




---



##### Table of Contents



Harold


PaoloGrant Date


Price


Boyanovsky


Monferino


TotalBeginning Balance as of
    1/1/064/18/2000


$
68.85







2,568



2,5683/1/2004



18.77



4,423







4,4231/3/2005



19.19



4,535







4,535Total Beginning
    Balance










8,958



2,568



11,526 Vested


















 Not Vested










8,958



2,568



11,526Restricted
    Shares Granted9/15/2006



21.22



100,000







100,00012/15/2006



26.99
(A)


100,000







100,000Total Restricted
    Shares Granted










200,000







200,000Restricted
    Shares Forfeited9/15/2006



21.22



(100,000
)






(100,000
)3/1/2004



18.77



(1,165
)






(1,165
)Total Restricted
    Shares Forfeited










(101,165
)






(101,165
)Restricted
    Shares Vested


3/1/2004



18.77



(2,212
)






(2,212
)Total Restricted
    Shares Vested










(2,212
)






(2,212
)Ending Balance as of
    12/31/06










105,581



2,568



108,149 Vested


















 Not Vested










105,581



2,568



108,149     (A)
    
    Fair value based on current
    estimate of achieving targets in 2009.    Item 7.
    Major
    Shareholders and Related Party Transactions  A.
    Major
    Shareholders.     95




---



##### Table of Contents



Number ofOutstanding


PercentageCommon


OwnershipShareholders

Shares


InterestFiat Netherlands


211,866,037



90
%Other shareholders


24,298,941



10Total


236,164,978



100
%     B.
    Related
    Party Transactions.           96




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##### Table of Contents



97




---



##### Table of Contents



2006


2005


2004(in millions)Sales to affiliated companies and
    joint ventures

$
143


$
121


$
124Purchase of materials, production
    parts, merchandise and services

$
552


$
525


$
565Finance and interest income

$
36


$
41


$
28   C.
    Interests
    of Experts and Counsel.    Item 8.
    Financial
    Information  A.
    Consolidated
    Statements and Other Financial Information.    B.
    Significant
    Changes.     98




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##### Table of Contents



Item 9.
    The Offer
    and Listing  A.
    Offer
    and Listing Details.    Common
    Share Price
  High


LowMost recent six
    months:February 2007

$
39.34


$
34.13January 2007


33.96



26.14December 2006


29.47



26.60November 2006


30.28



26.73October 2006


27.52



22.80September 2006


23.49



21.00Year ended December 31,
    2006First Quarter

$
26.31



18.14Second Quarter


30.50



20.67Third Quarter


24.11



18.87Fourth Quarter


30.28



22.80Full Year


30.50



18.14Year ended December 31,
    2005First Quarter

$
19.06


$
16.70Second Quarter


19.03



16.90Third Quarter


22.10



18.90Fourth Quarter


20.37



16.07Full Year


22.10



16.072004

$
21.38


$
16.222003

$
19.00


$
5.952002

$
32.15


$
14.00     B.
    Plan
    of Distribution.    C.
    Markets.    D.
    Selling
    Shareholders.   99




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##### Table of Contents



E.
    Dilution.    F.
    Expenses
    of the Issue.    Item 10.
    Additional
    Information  A.
    Share
    Capital.    B.
    Memorandum
    and Articles of Association.    Registration
    and Objectives
      
    engage in,
    and/or to
    participate in and operate one or more companies engaged in the
    design, engineering, manufacture, sale or distribution of
    agricultural and construction equipment;
    engage in
    and/or to
    participate in and operate one or more companies engaged in any
    business, financial or otherwise, which we may deem suitable to
    be carried on in conjunction with the foregoing;
    render management and advisory services;
    issue guarantees, provide security, warrant performance or in
    any other way assume liability for or in respect of obligations
    of group companies; and
    do anything which a company may lawfully do under the laws of
    The Netherlands which may be deemed conducive to the attainment
    of the objectives set out in the foregoing paragraphs.  Authorized
    Capital
    Dividends
     100




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##### Table of Contents



Shareholder
    Meetings and Voting Rights
          Board of
    Directors; Adoption of Annual Accounts
  re-election
 101




---



##### Table of Contents



Liquidation
    Rights
    Issue of
    Shares; Preference Rights
  and/or and/or
   102




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##### Table of Contents



Repurchases
    of Shares
    
    our shareholders equity, less the amount to be paid for
    the shares to be acquired, exceeds the sum of (1) our share
    capital account plus (2) any reserves required to be
    maintained by Dutch law; and
    after the acquisition of shares, we and our subsidiaries would
    not hold, or hold as pledges, shares having an aggregate par
    value that exceeds 10% of our issued share capital account, as
    these amounts would be calculated under generally accepted
    accounting principles in The Netherlands.    Reduction
    of Share Capital
    Amendment
    of the Articles of Association
    Significant
    Transactions
      
    the transfer of all or substantially all of CNHs business
    to a third party;
    the entry into or termination of a long-term joint venture of
    CNH or of any of CNHs subsidiaries with another legal
    entity or company, or of CNHs position as a fully liable
    partner in a limited partnership or a general partnership, where
    such entry into or termination is of far-reaching importance to
    CNH; or
    the acquisition or disposal, by CNH or any of CNHs
    subsidiaries, of an interest in the capital of a company valued
    at one-third or more of CNHs assets according to
    CNHs most recently adopted consolidated annual balance
    sheet. 103




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##### Table of Contents



Disclosure
    of Holdings
  2 3
  Limitations
    on Right to Hold or Vote Shares
    C.
    Material
    Contracts.      
    incur additional debt;
    pay dividends on our capital stock or repurchase our capital
    stock;
    make certain investments;
    enter into certain types of transactions with affiliates;
    limit dividends or other payments by our restricted subsidiaries
    to us;
    use assets as security in other transactions;
    enter into sale and leaseback transactions; and
    sell certain assets or merge with or into other companies.    D.
    Exchange
    Controls.    E.
    Taxation.  United
    States Federal Income Taxation
   104




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##### Table of Contents



mark-to-market non-U.S. tax
      
    an individual citizen or resident of the United States for
    U.S. federal income tax purposes;
    a corporation created or organized under the laws of the United
    States or a state thereof;
    an estate the income of which is subject to U.S. federal
    income taxation regardless of its source; or
    a trust subject to primary supervision of a U.S. court and
    the control of one or more U.S. persons or with a valid
    election in place to be treated as a domestic trust.  Taxation
    of Dividends
  120-day
     105




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##### Table of Contents



Taxation
    of Capital Gains
  U.S.-source
  PFIC
    Rules
  mark-to-market
  Backup
    Withholding Tax
    Netherlands
    Taxation
   106




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##### Table of Contents



Netherlands
    Taxation of Non-Resident Holders of Shares
  General
      
    he is neither resident, nor deemed to be resident, in the
    Netherlands for purposes of Dutch income tax and corporation
    tax, as the case may be, and, in the case of an individual, has
    not elected to be treated as a resident of the Netherlands for
    Dutch income tax purposes;
    in the case of an individual, his shares and income or capital
    gains derived therefrom have no connection with his past,
    present or future employment, if any; and
    his shares do not form part, and are not deemed to form part, of
    a substantial interest (aanmerkelijk belang)in us within
    the meaning of Chapter 4 of the Dutch Income Tax Act 2001,
    unless such interest forms part of the assets of an enterprise.    
    such person alone or, in case such person is an individual,
    together with his partner, if any, has, directly or indirectly,
    the ownership of, our shares representing 5% or more of our
    total issued and outstanding capital (or the issued and
    outstanding capital of any class of our shares), or rights to
    acquire, directly or indirectly, shares, whether or not already
    issued, that represent at any time 5% or more of our total
    issued and outstanding capital (or the issued and outstanding
    capital of any class of our shares) or the ownership of profit
    participating certificates that relate to 5% or more of our
    annual profit or to 5% or more of liquidation proceeds;
    such persons partner or any of the relatives by blood or
    by marriage in the direct line (including foster children) of
    this person or of his partner has a substantial interest in us;
    such persons shares, profit participating certificates or
    rights to acquire our shares or profit participating
    certificates have been acquired by such person or are deemed to
    have been acquired by such person under a non-recognition
    provision.   107




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##### Table of Contents



Taxes on
    Income and Capital Gains
    
    he derives profit from an enterprise, whether as an entrepreneur
    or pursuant to a co-entitlement to the net value of an
    enterprise, other than as an entrepreneur or a shareholder, in
    the case of an individual, or other than as a holder of
    securities, in other cases, which enterprise is either managed
    in The Netherlands or, in whole or in part, carried on through a
    permanent establishment of a permanent representative in The
    Netherlands and his shares are attributable to that
    enterprise; or
    he (in the case of an individual) derives benefits from shares
    that are taxable as benefits from miscellaneous activities in
    The Netherlands.    
    distributions in cash or in kind, deemed and constructive
    distributions (including, as a rule, consideration for the
    repurchase of our shares (other than a repurchase as a temporary
    investment) in excess of the average capital recognized as
    paid-in for Dutch dividend withholding tax purposes), and
    repayments of capital not recognized as paid-in for Dutch
    dividend withholding tax purposes;
    liquidation proceeds and proceeds of redemption of our shares in
    excess of the average capital recognized as paid-in for Dutch
    dividend withholding tax purposes;
    the par value of shares we issued to a holder of shares or an
    increase of the par value of shares, as the case may be, to the
    extent that it does not appear that a contribution, recognized
    for Dutch dividend withholding tax purposes, has been made or
    will be made; and
    partial repayment of capital, recognized as paid-in for Dutch
    dividend withholding tax purposes, if and to the extent that
    there are net profits, unless (a) the general meeting of
    our shareholders has resolved in advance to make such repayment
    and (b) the par value of the shares concerned has been
    reduced by an equal amount by way of an amendment to our
    articles of association.    
    his investment activities go beyond the activities of an active
    portfolio investor, for instance in case of the use of insider
    knowledge or comparable forms of special knowledge; or
    he makes our shares available or is deemed to make our shares
    available, legally or in fact, directly or indirectly, to a
    connected party as described in articles 3.91 and 3.92 of
    the Dutch Income Tax Act 2001 under circumstances described
    there.  Dividend
    Withholding Tax
     108




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##### Table of Contents



Reduction
      Gift and
    Inheritance Taxes
    
    the donor or the deceased was resident or deemed to be resident
    in The Netherlands for purposes of gift or inheritance tax (as
    the case may be); or
    the shares are or were attributable to an enterprise or part of
    an enterprise that the donor or the deceased carried on through
    a permanent establishment or a permanent representative in The
    Netherlands at the time of the gift or of the death of the
    deceased; or
    the donor made a gift of shares, then becomes a resident or
    deemed resident of The Netherlands, and dies as a resident or
    deemed resident of The Netherlands within 180 days after
    the date of the gift.   109




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##### Table of Contents



Capital
    Tax
    Other
    Taxes and Duties
    F.
    Dividends
    and Paying Agents.    G.
    Statement
    of Experts.    H.
    Documents
    on Display.  Form 20-F, Form 6-K 1-800-SEC-0330.
  I.
    Subsidiary
    Information.    Item 11.
    Quantitative
    and Qualitative Disclosures About Market Risk    Transaction
    Risk and Foreign Currency Risk Management
    non-U.S. dollar
 110




---



##### Table of Contents



Effects
    of Currency Translation
      non-U.S. entities
 111




---



##### Table of Contents



Interest
    Rate Risk Management
          Commodity
    Price Risk Management
    Changes
    in Market Risk Exposure as Compared to 2005
    Item 12.
    Description
    of Securities Other than Equity Securities   PART II  Item 13.
    Defaults,
    Dividend Arrearages and Delinquencies    Item 14.
    Material
    Modifications to the Rights of Security Holders and Use of
    Proceeds  N9303-120,
 112




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##### Table of Contents



Item 15.
    Controls
    and Procedures  (a)
    Disclosure
    Controls and Procedures  Rule 13a-15.
  (b)
    Managements
    Report on Internal Control Over Financial
    Reporting  Rule 13a-15(e).
          (c)
    Change
    in Internal Control over Financial Reporting   113




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##### Table of Contents



Item 16A.
    Audit Committee Financial Expert    Item 16B.
    Code of
    Ethics    Item 16C.
    Principal
    Accountant Fees and Services    2006


2005Audit Fees

$
4,404,500


$
4,304,000Audit-Related Fees


1,050,000



886,600Tax Fees


461,300



1,386,800Total

$
5,915,800


$
6,577,400   agreed-upon
  Audit
    Committees pre-approval policies and procedures
    Item 16D.
    Exemptions
    from the Listing Standards for Audit Committees    Item 16E.
    Purchase
    of Equity Securities by the Issuer and Affiliated
    Purchasers   114




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##### Table of Contents



PART III  Item 17.
    Financial
    Statements    Item 18.
    Financial
    Statements INDEX TO
    CONSOLIDATED FINANCIAL STATEMENTS  CNH
    GLOBAL N.V. AND SUBSIDIARIES
  PageReport of Independent Registered
    Public Accounting Firm


F-2Consolidated statements of income
    for the years ended December 31, 2006, 2005, and 2004


F-3Consolidated balance sheets as of
    December 31, 2006, and 2005


F-4Consolidated statements of cash
    flows for the years ended December 31, 2006, 2005, and 2004


F-5Consolidated statements of changes
    in shareholders equity for the years ended
    December 31, 2006, 2005, and 2004


F-6Notes to consolidated financial
    statements


F-7   Item 19.
    Exhibits  Form 20-F
 115




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##### Table of Contents



INDEX TO
    CONSOLIDATED FINANCIAL STATEMENTS
  CNH
    GLOBAL N.V. AND SUBSIDIARIES
  PageReport of
    Independent Registered Public Accounting Firm


F-2Consolidated
    statements of income for the years ended December 31, 2006,
    2005, and 2004


F-3Consolidated
    balance sheets as of December 31, 2006, and 2005


F-4Consolidated
    statements of cash flows for the years ended December 31,
    2006, 2005, and 2004


F-5Consolidated
    statements of changes in shareholders equity for the years
    ended December 31, 2006, 2005, and 2004


F-6Notes to
    consolidated financial statements


F-7  F-1




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM              Deloitte &
    Touche LLP
    F-2




---



##### Table of Contents



CNH
    GLOBAL N.V.
 CONSOLIDATED
    STATEMENTS OF INCOME For the
    Years Ended December 31, 2006, 2005 and 2004
    (and Supplemental Information)
  Supplemental InformationConsolidated


Equipment Operations


Financial Services2006


2005


2004


2006


2005


2004


2006


2005


2004(in millions, except per share data)Revenues:Net sales

$
12,115


$
11,806


$
11,545


$
12,115


$
11,806


$
11,545


$



$



$
Finance and interest income


883



769



634



177



129



82



952



801



67212,998



12,575



12,179



12,292



11,935



11,627



952



801



672Costs and Expenses:Cost of goods sold


9,933



9,934



9,782



9,933



9,934



9,782











Selling, general and administrative


1,248



1,177



1,100



1,015



964



919



233



213



181Research, development and
    engineering


367



303



277



367



303



277











Restructuring


96



73



104



94



71



102



2



2



2Interest expense  Fiat
    affiliates


66



99



88



49



72



63



17



27



25Interest expense  other


512



452



404



272



269



255



323



240



183Interest compensation to Financial
    Services














235



159



113











Other, net


359



280



265



233



188



186



54



36



5212,581



12,318



12,020



12,198



11,960



11,697



629



518



443Income (loss) before taxes,
    minority interest and equity in income (loss) of unconsolidated
    subsidiaries and affiliates


417



257



159



94



(25
)


(70
)


323



283



229Income tax provision (benefit)


165



116



39



56



24



(39
)


109



92



78Minority interest


16



26



23



16



27



23











Equity in income (loss) of
    unconsolidated subsidiaries and affiliates:Financial Services


8



9



8



222



200



159



8



9



8Equipment Operations


48



39



20



48



39



20











Net income

$
292


$
163


$
125


$
292


$
163


$
125


$
222


$
200


$
159Per Share Data:Basic earnings per share

$
1.37


$
0.77


$
0.94Diluted earnings per share

$
1.23


$
0.70


$
0.54      The accompanying notes to
    consolidated financial statements are an integral part of these
    consolidated statements of income.
 F-3




---



##### Table of Contents



CNH
    GLOBAL N.V.
 CONSOLIDATED
    BALANCE SHEETS As of
    December 31, 2006 and 2005
    (and Supplemental Information)
  Supplemental InformationEquipment


FinancialConsolidated


Operations


Services2006


2005


2006


2005


2006


2005(in millions, except share data)ASSETSCurrent Assets:Cash and cash equivalents

$
1,174


$
1,245


$
703


$
858


$
471


$
387Deposits in Fiat affiliates cash
    management pools


497



580



496



578



1



2Accounts and notes receivable, net


3,677



3,192



1,311



1,146



2,475



2,118Intersegment notes receivable










1,348



1,067







Inventories, net


2,735



2,466



2,735



2,466







Deferred income taxes


587



534



424



436



163



98Prepayments and other


114



99



110



95



4



4Total current assets


8,784



8,116



7,127



6,646



3,114



2,609Long-term receivables


2,872



2,649



3



97



2,869



2,552Intersegment long-term notes
    receivable










97











Property, plant and equipment, net


1,378



1,311



1,366



1,303



12



8Other Assets:Investments in unconsolidated
    subsidiaries and affiliates


457



449



354



353



103



96Investment in Financial Services










1,788



1,587







Equipment on operating leases, net


254



180











254



180Goodwill


2,365



2,388



2,220



2,243



145



145Intangible assets, net


708



775



707



775



1



Other assets


1,456



1,450



852



955



604



495Total other assets


5,240



5,242



5,921



5,913



1,107



916Total

$
18,274


$
17,318


$
14,514


$
13,959


$
7,102


$
6,085LIABILITIES AND
    SHAREHOLDERS EQUITYCurrent Liabilities:Current maturities of long-term
    debt  Fiat affiliates

$
33


$
413


$



$
279


$
33


$
134Current maturities of long-term
    debt  other


1,027



646



53



106



974



540Short-term debt  Fiat
    affiliates


438



565



260



479



178



86Short-term debt  other


832



957



228



347



604



610Intersegment short-term debt and
    current maturities of intersegment long-term debt


















1,348



1,067Accounts payable


1,881



1,609



1,939



1,641



42



32Restructuring liability


85



47



82



45



3



2Other accrued liabilities


2,144



1,795



1,879



1,600



274



203Total current
    liabilities


6,440



6,032



4,441



4,497



3,456



2,674Long-term debt  Fiat
    affiliates


19



133







95



19



38Long-term debt  other


4,053



3,573



2,366



1,916



1,687



1,657Intersegment long-term debt


















97



Other Liabilities:Pension, postretirement and
    postemployment benefits


2,288



2,132



2,279



2,116



9



16Other liabilities


245



305



199



192



46



113Total other
    liabilities


2,533



2,437



2,478



2,308



55



129Commitments and contingenciesMinority interest


109



91



109



91







Shareholders
    equity:Preference shares,
    2.25 par value; authorized 200,000,000 shares in
    2006 and 2005; issued none and 8,000,000 shares in 2006 and
    2005






19







19







Preference shares, $1.00 par
    value; authorized and issued 74,800,000 shares in 2006 and
    2005


















35



35Common shares, 2.25 par
    value; authorized 400,000,000 shares in 2006 and 2005,
    issued 236,319,791 in 2006 and 135,020,437 shares in 2005


592



315



592



315



205



192Paid-in capital


6,117



6,348



6,117



6,348



1,205



1,193Treasury stock, 154,813 shares
    in 2006 and 2005, at cost


(8
)


(8
)


(8
)


(8
)






Retained earnings (deficit)


(763
)


(996
)


(763
)


(996
)


211



83Accumulated other comprehensive
    income (loss)


(818
)


(626
)


(818
)


(626
)


132



84Total shareholders
    equity


5,120



5,052



5,120



5,052



1,788



1,587Total

$
18,274


$
17,318


$
14,514


$
13,959


$
7,102


$
6,085      The accompanying notes to
    consolidated financial statements are an integral part of these
    consolidated balance sheets.
 F-4




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##### Table of Contents



CNH
    GLOBAL N.V.
 CONSOLIDATED
    STATEMENTS OF CASH FLOWS For the
    Years Ended December 31, 2006, 2005 and 2004
    (and Supplemental Information)
  Supplemental InformationConsolidated


Equipment Operations


Financial Services2006


2005


2004


2006


2005


2004


2006


2005


2004(in millions)Operating activities:Net income

$
292


$
163


$
125


$
292


$
163


$
125


$
222


$
200


$
159Adjustments to reconcile net income
    to net cash provided (used) by operating activities:Depreciation and amortization


316



309



325



273



263



261



43



46



64Deferred income tax expense
    (benefit)


(9
)


132



4



24



169



64



(33
)


(37
)


(60
)(Gain) on disposal of fixed assets


(4
)


(1
)


(21
)


(4
)


(1
)


(21
)










Undistributed (income) losses of
    unconsolidated subsidiaries


(2
)


(7
)


2



(147
)


(138
)


(43
)


(8
)


(9
)


(5
)Changes in operating assets and
    liabilities:(Increase) decrease in intersegment
    activities














29



56



(97
)


(29
)


(56
)


97(Increase) decrease in accounts and
    notes receivable, net


(95
)


(197
)


911



14



271



712



(109
)


(468
)


199(Increase) decrease in inventories,
    net


(104
)


(102
)


85



(104
)


(102
)


85











(Increase) decrease in prepayments
    and other current assets


(6
)


(10
)


(10
)


(7
)


(8
)


(12
)


1



(2
)


2(Increase) decrease in other assets


53



(42
)


(369
)


40



(145
)


(122
)


13



103



(247
)Increase (decrease) in accounts
    payable


126



103



(59
)


123



95



(58
)


3



8



(1
)Increase (decrease) in other
    accrued liabilities


40



89



26



78



118



(10
)


(38
)


(29
)


36Increase (decrease) in other
    liabilities


32



71



(24
)


130



63



(7
)


(98
)


8



(17
)Other, net


(32
)


41



(25
)


(26
)


45



2



(6
)


(4
)


(27
)Net cash (used) provided by
    operating activities


607



549



970



715



849



879



(39
)


(240
)


200Investing activities:Acquisitions and investments, net
    of cash acquired


(15
)


(19
)


(38
)


(15
)


(29
)


(113
)






(3
)


(10
)Additions to retail receivables


(6,120
)


(5,351
)


(5,183
)














(6,120
)


(5,351
)


(5,183
)Proceeds from retail securitizations


2,836



2,799



2,218















2,836



2,799



2,218Collections of retail receivables


3,012



2,674



2,281















3,012



2,674



2,281Collections of retained interests
    in securitized retail receivables


45



49



115















45



49



115Proceeds from sale of businesses
    and assets


71



124



255



13



19



93



58



105



162Expenditures for property, plant
    and equipment


(218
)


(155
)


(180
)


(213
)


(152
)


(179
)


(5
)


(3
)


(1
)Expenditures for equipment on
    operating leases


(173
)


(111
)


(81
)














(173
)


(111
)


(81
)(Deposits in) withdrawals from Fiat
    affiliates cash management pools


128



506



217



127



493



221



1



13



(4
)Net cash (used) provided by
    investing activities


(434
)


516



(396
)


(88
)


331



22



(346
)


172



(503
)Financing activities:Intersegment activity














(378
)


23



(72
)


378



(23
)


72Proceeds from issuance of long-term
    debt  Fiat affiliates






62



5







62



5











Proceeds from issuance of long-term
    debt  other


1,061



839



1,452



500



56



497



561



783



955Payment of long-term
    debt  Fiat affiliates


(494
)


(627
)


(634
)


(374
)


(580
)


(490
)


(120
)


(47
)


(144
)Payment of long-term
    debt  other


(108
)


(566
)


(923
)


(108
)


(215
)


(130
)






(351
)


(793
)Net increase (decrease) in
    short-term revolving credit facilities


(667
)


(447
)


(143
)


(364
)


(264
)


(530
)


(303
)


(183
)


387Dividends paid


(59
)


(34
)


(33
)


(59
)


(34
)


(33
)


(69
)


(60
)


(109
)Other, net


(9
)






(1
)


(9
)






(1
)






13



85Net cash (used) provided by
    financing activities


(276
)


(773
)


(277
)


(792
)


(952
)


(754
)


447



132



453Effect of foreign exchange rate
    changes on cash and cash equivalents


32



22



15



10



(7
)


4



22



29



11Increase (decrease) in cash and
    cash equivalents


(71
)


314



312



(155
)


221



151



84



93



161Cash and cash equivalents,
    beginning of year


1,245



931



619



858



637



486



387



294



133Cash and cash equivalents, end
    of year

$
1,174


$
1,245


$
931


$
703


$
858


$
637


$
471


$
387


$
294      The accompanying notes to
    consolidated financial statements are an integral part of these
    consolidated statements of cash flows.
 F-5




---



##### Table of Contents



CNH
    GLOBAL N.V.
 CONSOLIDATED
    STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITYFor the Years Ended December 31, 2006, 2005 and
    2004 AccumulatedOtherRetained


Comprehensive








ComprehensivePreference


Common


Paid-in


Treasury


Earnings


Income


Unearned





IncomeShares


Shares


Capital


Stock


(Deficit)


(Loss)


Compensation


Total


(Loss)(in millions)Balance, January 1,
    2004

$
19


$
309


$
6,310


$
(7
)

$
(1,217
)

$
(539
)

$
(1
)

$
4,874Comprehensive income:Net income


















125











125


$
125Translation adjustment






















86







86



86Pension liability adjustment (net
    of tax of $58 million)






















(64
)






(64
)


(64
)Unrealized loss on available for
    sale securities (net of tax of $2 million)






















(2
)






(2
)


(2
)Derivative financial instruments:Gains deferred (net of tax of
    $16 million)






















18







18



18Gains reclassified to earnings, net
    of tax






















5







5



5Total

































$
168Purchase of treasury shares














(1
)














(1
)Issuance of common shares






3



18



















21Dividends paid


















(33
)










(33
)Balance, December 31,
    2004


19



312



6,328



(8
)


(1,125
)


(496
)


(1
)


5,029Comprehensive income:Net income


















163











163


$
163Translation adjustment






















(68
)






(68
)


(68
)Pension liability adjustment (net
    of tax of $27 million)






















16







16



16Unrealized loss on available for
    sale securities (net of tax of $8 million)






















(9
)






(9
)


(9
)Derivative financial instruments:Losses deferred (net of tax of
    $25 million)






















(87
)






(87
)


(87
)Gains reclassified to earnings, net
    of tax






















18







18



18Total

































$
33Issuance of common shares






3



17



















20Common stock due under the
    Long-Term Incentive Plan










3



















3Dividend paid


















(34
)










(34
)Recognition of compensation on
    restricted stock and stock options


























1



1Balance, December 31,
    2005


19



315



6,348



(8
)


(996
)


(626
)






5,052Comprehensive income:Net income


















292











292


$
292Translation adjustment






















115







115



115Pension liability adjustment (net
    of tax of $9 million), prior to adoption of
    SFAS No. 158






















21







21



21Unrealized gain on available for
    sale securities (net of tax of $5 million)






















1







1



1Derivative financial instruments:Gains deferred (net of tax of
    $24 million)






















118







118



118Losses reclassified to earnings,
    net of tax






















(51
)






(51
)


(51
)Total

































$
496Issuance of common shares






4



24



















28Common stock due under the
    Long-Term Incentive Plan










(1
)


















(1
)Dividend paid


















(59
)










(59
)Preferred stock conversion


(19
)


273



(254
)


















Adjustment to initially apply
    SFAS No. 158 (net of tax of $233)






















(396
)






(396
)Balance, December 31,
    2006

$



$
592


$
6,117


$
(8
)

$
(763
)

$
(818
)

$



$
5,120   The accompanying notes to
    consolidated financial statements are an integral part of these
    consolidated statements of
    changes in shareholders equity.
 F-6




---



##### Table of Contents



CNH
    GLOBAL N.V.
 NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS  Note 1:
    Nature of
    Operations      Note 2:
    Summary
    of Significant Accounting Policies  Principles
    of Consolidation and Basis of Presentation
    Equipment Operations
  Financial Services
       F-7




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Use of
    Estimates in the Preparation of Financial
    Statements
    Revenue
    Recognition
        Sales
    Allowances
   F-8




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Modification
    Programs and Warranty Costs
    Advertising
    Research
    and Development
    Restructuring
    Foreign
    Currency Translation
  non-U.S. subsidiaries non-U.S. subsidiaries non-U.S. subsidiaries
  Cash
    and Cash Equivalents
    Deposits
    in Fiat Affiliates Cash Management Pools (Deposits with
    Fiat)
  seven-day
 F-9




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Receivables
    and Receivable Sales
    available-for-sale Other-than-temporary
  Inventories
  first-in, work-in-progress
  Property,
    Plant and Equipment
    Category

LivesBuildings and improvements


10   40 yearsPlant and machinery


5   16 yearsOther equipment


3   10 years       Equipment
    on Operating Leases
   F-10




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Goodwill
    and Intangibles
    and/or
      Income
    Taxes
    Retirement
    Programs
   F-11




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Derivatives
        Stock-Based
    Compensation Plans
       F-12




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2005


2004Net income, as reported

$
163


$
125Add: Stock-based employee
    compensation expense included in reported net income, net of tax


1



Deduct: Total stock-based employee
    compensation expense determined under fair value based methods,
    net of tax


(4
)


(4
)Pro forma net income

$
160


$
121Earnings per share:As reported:Basic

$
0.77


$
0.94Diluted

$
0.70


$
0.54Pro Forma:Basic

$
0.76


$
0.91Diluted

$
0.68


$
0.52   Earnings
    Per Share
      New
    Accounting Pronouncements
     F-13




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
           F-14




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Note 3:
    Accounts
    and Notes Receivable  On-Book
    Receivables
      :
  2006


2005(in millions)Wholesale notes and accounts

$
1,936


$
1,667Retail and other notes and finance
    leases


2,809



2,527Other restricted receivables


1,256



1,069Other notes


806



825Gross receivables


6,807



6,088Less:Allowance for credit losses


(258
)


(247
)Current portion


(3,677
)


(3,192
)Total long-term receivables, net

$
2,872


$
2,649     Amount(in millions)2008

$
9702009


7862010


5502011


4242012 and thereafter


142Total long-term receivables, net

$
2,872    F-15




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      2006


2005


2004(in millions)Balance, beginning of year

$
247


$
211


$
190Provision for credit losses


78



104



76Receivables written off


(69
)


(63
)


(69
)Other, net


2



(5
)


14Balance, end of year

$
258


$
247


$
211       2006


2005(in millions)Asset-backed commercial paper
    (ABCP) conduit facilities

$
441


$
434Australia retail receivables


456



246U.S. retained undivided
    interests


185



194U.S. credit card receivables


174



160Receivables sold without recourse






35Total other restricted receivables

$
1,256


$
1,069     Off-Book
    Securitizations
  Wholesale
    Receivables Securitizations
    364-day,
 F-16




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  364-day 364-day,
        Receivables Sold


Outstanding


Retained Undivided InterestLocal





Local





LocalCurrency


US$


Currency


US$


Currency


US$(in millions)United States

$
2,770


$
2,770


$
2,297


$
2,297


$
473


$
473Canada

C$
703



606


C$
540



466


C$
163



140Europe


866



1,141



628



827



238



314Australia

A$
103



82


A$
76



60


A$
27



22     Receivables Sold


Outstanding


Retained Undivided InterestLocal





Local





LocalCurrency


US$


Currency


US$


Currency


US$(in millions)United States

$
2,406


$
2,406


$
1,954


$
1,954


$
452


$
452Canada

C$
569



489


C$
445



382


C$
124



106Europe


814



960



601



709



213



251Australia

A$
149



109


A$
108



79


A$
41



30      F-17




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006


2005(in millions)Proceeds from securitizations

$
652


$
630Repurchase of receivables


237



183Proceeds from collections
    reinvested in the facilities


7,539



6,824   Retail
    Receivables Securitizations
         F-18




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Retained
    Interests
    2006


2005(in millions)Receivables:Collateralized wholesale
    receivables

$
617


$
588Interest only strips


93



83Spread and other


377



353Total amount included in
    Accounts and notes receivable, net


1,087



1,024Other assets:ABS certificates


146



180Other investments in ABS trusts


323



251Total amount included in
    Other assets


469



431Total retained interests

$
1,556


$
1,455       WeightedRange

Average2006

2005

2006


2005Constant prepayment rate

15.00 - 20.00%

17.00 - 20.00%


16.49
%


17.28
%Expected credit loss rate

0.45 -  0.59%

0.57 - 0.68%


0.60
%


0.67
%Discount rate

9.00 - 13.00%

8.50 - 13.00%


11.90
%


10.62
%Remaining maturity in months

20 - 23

20 -  24


22



22    F-19




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Impact on
    Fair Value
    2006


2005December 31,


10%


20%


December 31,


10%


20%Assumption


Change


Change


Assumption


Change


Change(in millions, except percentages)Constant prepayment rate


17.87
%

$
0.2


$
0.5



15.82
%

$
1.0


$
1.2Expected credit loss rate


0.71
%

$
3.1


$
6.3



0.70
%

$
2.6


$
5.1Discount rate


10.65
%

$
4.2


$
8.3



10.68
%

$
6.9


$
13.0Remaining maturity in months


17











17       Receivables Securitized in2006


2005


2004As of December 31, 2006


0.68
%


0.77
%


0.53
%As of December 31, 2005






0.56
%


0.54
%As of December 31, 2004










0.57
%       2006


2005


2004(in millions)Proceeds from retail
    securitizations

$
2,836


$
2,799


$
2,218Servicing fees received


43



40



37Cash received on retained interests


94



93



85Cash paid upon cleanup call


211



104



77   Other
    Receivables Securitizations
   F-20




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Managed
    Portfolio
    Principal


Principal MoreAmount of


Than 30 Days


Net CreditReceivables At


Delinquent At


Losses for theDecember 31,


December 31,


Year Ending(in millions)2006Type of receivable:Wholesale notes and accounts

$
4,659


$
99


$
10Retail and other notes and finance
    leases


10,831



323



55Total managed

$
15,490


$
422


$
65Comprised of:Receivables held in portfolio

$
5,066Receivables serviced for Equipment
    Operations


256Receivables serviced for Joint
    Venture


1,645Securitized Receivables:Wholesale


3,650Retail


4,873Total managed

$
15,4902005Type of receivable:Wholesale notes and accounts

$
4,036


$
87


$
2Retail and other notes and finance
    leases


9,734



239



35Total managed

$
13,770


$
326


$
37Comprised of:Receivables held in portfolio

$
4,405Receivables serviced for Equipment
    Operations


224Receivables serviced for Joint
    Venture


1,448Securitized Receivables:Wholesale


3,113Retail


4,580Total managed

$
13,770   Non-Cash
    Retail Receivables Operating and Investing
    Activities
   F-21




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Note 4:
    Inventories    2006


2005(in millions)Raw materials

$
591


$
494Work-in-process


267



195Finished goods


1,877



1,777Total inventories

$
2,735


$
2,466   Note 5:
    Property,
    Plant and Equipment    2006


2005(in millions)Land, buildings and improvements

$
897


$
825Plant and machinery


2,143



1,938Other equipment


512



448Construction in progress


115



723,667



3,283Accumulated depreciation


(2,289
)


(1,972
)Net property, plant and equipment

$
1,378


$
1,311     Note 6:
    Investments
    in Unconsolidated Subsidiaries and Affiliates    Method of Accounting

2006


2005(in millions)Equity method

$
450


$
441Cost method


7



8Total

$
457


$
449       For the Years Ended December 31,Operations

2006


2005


2004(in millions)Sales

$
3,770


$
3,325


$
3,341Net Income

$
182


$
188


$
110  F-22




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  As of December 31,Financial Position

2006


2005(In millions)Total assets

$
4,497


$
4,220Total liabilities

$
3,014


$
2,756     Note 7:
    Equipment
    on Operating Leases    2006


2005(in millions)Equipment on operating leases

$
323


$
249Accumulated depreciation


(69
)


(69
)Net equipment on operating leases

$
254


$
180       Amount(in millions)2007

$
502008


372009


212010


112011


42012 and thereafter


Total

$
123  F-23




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Note 8:
    Goodwill
    and Intangibles    Agricultural


Construction


FinancialEquipment


Equipment


ServicesSegment


Segment


Segment


Total(in millions)Balance at January 1, 2005

$
1,677


$
581


$
144


$
2,402Purchase accounting adjustment


(8
)


(6
)






(14
)Impact of foreign exchange


(1
)






1



Balance at December 31, 2005


1,668



575



145



2,388Purchase accounting adjustment


(13
)


(9
)






(22
)Impact of foreign exchange


(1
)










(1
)Balance at December 31, 2006

$
1,654


$
566


$
145


$
2,365       2006


2005Weighted





Accumulated








AccumulatedAvg. Life


Gross


Amortization


Net


Gross


Amortization


Net(in millions)Intangible assets subject to
    Amortization:Engineering Drawings


20


$
380


$
153


$
227


$
376


$
120


$
256Dealer Networks


25



216



61



155



216



52



164Software


5



64



44



20



49



29



20Other


10  30



55



21



34



77



40



37715



279



436



718



241



477Intangible assets not subject to
    amortization:Trademarks






272







272



272







272Pension


















26







26$
987


$
279


$
708


$
1,016


$
241


$
775     Note 9:
    Credit
    Facilities and Debt   F-24




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     FacilityDrawnEquipment


FinancialBorrower(A)

Currency

Maturity

Total


Operations


Services


Total


Available


Guarantor(in millions)Committed lines:Revolving credit
    facility  Fiat

Both

Multiple

February 2008

$
1,000


$
209


$
143


$
352


$
648



FiatRevolving credit
    facility  other

EO

Multiple

July 2008


395















395



FiatRevolving credit
    facility  other

FS

US$

October 2009


150







150



150







FiatBNDES Subsidized Financing

FS

Brazil Real

Various from
    January 2007 to
    October 2013


1,571







1,571



1,571







Fiat
(B)Various credit lines 
    other

EO

Brazil Real

Various from
    January 2007 to
    December 2010


128



128







128



Various credit lines 
    other

FS

Australia $

Various from
    January 2008 to
    July 2008


95







47



47



48Total








3,339



337



1,911



2,248



1,091Uncommitted Lines:Revolving shared credit
    facility  other

EO

Multiple

July 2008


922















922



FiatABCP facilities:Receivable securitizations

FS

US$

January 2007


1,200







283



283



917Credit cards securitizations

FS

US$

June 2007


250







155



155



95Receivable securitizations

FS

Canada $

July 2007


258







20



20



238Receivable securitizations

FS

Australia $

March 2008


316







106



106



210Retained interest securitizations

FS

US$

December 2008


300







174



174



126Factoring lines

EO

Multiple

January 2007


111



111







111



Other

EO

Multiple Danish

January 2007


11



5







5



6



Fiat
(C)Other

FS

Krone

January 2007


88







82



82



6Total








3,456



116



820



936



2,520Total credit
    facilities







$
6,795



453



2,731



3,184


$
3,611Less short-term
    portion












(389
)


(681
)


(1,070
)Long-term credit
    facilities











$
64


$
2,050


$
2,114Amount above with or guaranteed
    by Fiat affiliates







$
3,270


$
211


$
1,088


$
1,299


$
1,971      (A)
    
    - Borrower is either an
    Equipment Operations (EO) entity, a Financial
    Services (FS) entity or Both.(B)
    
    - Up to
    $795 million (1.7 billion Brazilian real) of
    subsidized financing provided by Banco Nacional de
    Desenvolvimento Ecomomico e Social (BNDES) is
    guaranteed by Fiat.(C)
    
    - Includes an
    $8 million uncommitted line guaranteed by Fiat. At
    December 31, 2006, $2 million of this line was drawn
    and the remainder was available. F-25




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      
    the initial maturity of the facility/credit line;
    the rating of short-term or long-term unsecured debt at the time
    the facility/credit line was negotiated; in cases where Fiat
    provides a guarantee, the margin reflects Fiats credit
    standing at the time the facility or credit line was arranged;
    the extent of over-collateralization, in the case of receivables
    warehouse facilities; and
    the level of availability of credit lines for CNH in different
    jurisdictions.      day-to-day
             F-26




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Short-term
    debt
    2006


2005Equipment


Financial





Equipment


FinancialOperations


Services


Consolidated


Operations


Services


Consolidated(in millions)Amounts drawn under ABCP facilities

$



$
409


$
409


$



$
390


$
390Amounts drawn under credit
    facilities  other


180



129



309



290



112



402Amounts drawn under credit
    facilities  Fiat affiliates


209



143



352



205



77



282Drawn under credit facilities


389



681



1,070



495



579



1,074Short-term debt  other


48



66



114



57



108



165Short-term debt  Fiat
    affiliates


51



35



86



274



9



283Intersegment short-term debt






1,348











1,067



Total short-term debt

$
488


$
2,130


$
1,270


$
826


$
1,763


$
1,522    F-27




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006


2005Equipment


Financial





Equipment


FinancialOperations


Services


Consolidated


Operations


Services


Consolidated(in millions)Public Notes:Payable in 2007, interest rate of
    6.75%

$



$
126


$
126


$



$
125


$
125Payable in 2009, interest rate of
    6.00%


487







487



482







482Payable in 2011, average interest
    rate of 9.25%


1,051







1,051



1,051







1,051Payable in 2014, interest rate of
    7.125%


500







500











Payable in 2016, interest rate of
    7.25%


248







248



247







247Third Party Loans:Payable in 2006 and 2007; interest
    rate of 5.82% in 2006 and 4.60% in 2005
    (floating rate)


51







51



153







153Notes with Fiat affiliates:






















Payable in 2006, interest rate of
    6.60% (floating rate)














150







150Payable in 2006, interest rate of
    3.36% (floating rate)














94







94Other affiliate notes,
    weighted-average interest rate of 4.80% in both years






52



52







173



173Long-term drawn amounts under
    credit facilities


64



2,050



2,114



189



1,805



1,994Other debt


18



485



503



30



266



296Intersegment debt with Equipment
    Operations






97















Total long-term debt


2,419



2,810



5,132



2,396



2,369



4,765Less-current maturities


(53
)


(1,007
)


(1,060
)


(385
)


(674
)


(1,059
)Total long-term debt excluding
    current maturities

$
2,366


$
1,803


$
4,072


$
2,011


$
1,695


$
3,706   1 4 1 4
 F-28




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  1 4 1 4
  1 4
  1 4
          Equipment


FinancialOperations


Services


Consolidated(in millions)2008

$
65


$
792


$
8402009


482



612



1,0592010


1



267



2352011


1,051



115



1,1542012 and thereafter


767



17



784Total

$
2,366


$
1,803


$
4,072   Note 10:
    Income
    Taxes    2006


2005


2004(in millions)The Netherlands source

$
(91
)

$
4


$
(25
)Foreign sources


508



253



184Income before taxes, minority
    interest and equity in income (loss) of unconsolidated
    subsidiaries and affiliates

$
417


$
257


$
159  F-29




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2006


2005


2004(in millions)Current income taxes

$
174


$
(16
)

$
35Deferred income taxes


(9
)


132



4Total tax provision

$
165


$
116


$
39     2006


2005


2004Tax provision at the Netherlands
    statutory rate


30
%


32
%


35
%Foreign income taxed at different
    rates


7



6



(2
)Change in tax status of certain
    entities










6Current year losses not benefited


14



43



45Change in valuation allowance


(10
)


(10
)


(16
)Dividend withholding taxes and
    credits


(1
)


1



1Tax contingency reserves


2



(21
)


(11
)Stock deduction from legal entity
    rationalization










(37
)Other


(2
)


(6
)


4Total tax provision


40
%


45
%


25
%    F-30




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006


2005(in millions)Deferred tax assets:Marketing and sales incentive
    programs

$
180


$
173Allowance for credit losses


87



80Pension, postretirement and post
    employment benefits


812



575Inventories, net


59



56Warranty and modification programs


78



75Restructuring


20



29Other reserves


306



319Tax loss carry forwards


1,233



1,249Less: Valuation allowance


(1,121
)


(1,035
)Total deferred tax assets


1,654



1,521Deferred tax liabilities:Property, plant and equipment, net


110



118Intangible assets, net


253



266Inventories, net


61



75Other


74



125Total deferred tax liabilities


498



584Net deferred tax assets

$
1,156


$
937     2006


2005(in millions)Current deferred tax asset

$
587


$
534Long-term deferred tax asset
    (included in Other assets)


786



518Current deferred tax liability
    (included in Other accrued liabilities)


(170
)


(61
)Long-term deferred tax liability
    (included in Other liabilities)


(47
)


(54
)Net deferred tax asset

$
1,156


$
937        F-31




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Note 11:
    Restructuring        
    rationalization of the agricultural equipment manufacturing
    facilities in Belleville, Pennsylvania and Goodfield, Illinois;
    rationalization of parts depots in Kansas City, Kansas and St.
    Paul, Minnesota;
    rationalization of the construction equipment manufacturing
    facility in Berlin, Germany;
    rationalization of the combine manufacturing plant in East
    Moline, United States; and
    other actions which take into consideration duplicate capacity
    and other synergies including purchasing and supply chain
    management, research and development and selling, general and
    administrative functions related to CNHs operations.   F-32




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Severance andOther


FacilityEmployee


Related


Asset


OtherCosts


Costs


Impairments


Restructuring


Total(in millions)Balance at January 1, 2004

$
42


$
2


$
17


$
11


$
72Additions


55



30



12



7



104Reserves utilized: cash


(60
)


(31
)






(9
)


(100
)Reserves utilized: non-cash










(29
)






(29
)Balance at December 31, 2004


37



1







9



47Additions


61



5



1



6



73Reserves utilized: cash


(51
)


(6
)






(15
)


(72
)Reserves utilized: non-cash










(1
)






(1
)Balance at December 31, 2005


47















47Additions


72



21







3



96Reserves utilized: cash


(46
)


(6
)






(3
)


(55
)Reserves utilized: non-cash


(3
)














(3
)Balance at December 31, 2006

$
70


$
15


$



$



$
85         Note 12:
    Employee
    Benefit Plans and Postretirement Benefits   F-33




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Prior to


Effect of


As ReportedAdopting


Adopting


at December 31,SFAS No. 158


SFAS No. 158


2006(In millions)Intangible assets, net

$
728


$
(20
)

$
708Other assets


1,671



(215
)


1,456Other accrued liabilities


2,072



72



2,144Pension, postretirement, and
    post-employment benefits


1,731



557



2,288Accumulated other comprehensive
    income, net of tax


422



396



818        F-34




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    No. FAS 106-2, No. 106-2). No. 106-2
      2006


2005


2004U.S.


Non-U.S.


U.S.


Non-U.S.


U.S.


Non-U.S.Plans


Plans


Plans


Plans


Plans


PlansWeighted-average discount rates
    for obligations


5.80
%


4.72
%


5.50
%


4.49
%


5.75
%


5.07
%Weighted-average discount rates
    for expense


5.50
%


4.49
%


5.75
%


5.07
%


6.25
%


5.31
%Rate of increase in future
    compensation


N/A



3.55
%


N/A



2.73
%


N/A



3.45
%Weighted-average, long-term rates
    of return on plan assets


8.25
%


7.01
%


8.25
%


7.16
%


8.75
%


7.16
%    2006


2005


2004U.S.


Canadian


U.S.


Canadian


U.S.


CanadianPlans


Plan


Plans


Plan


Plans


PlanWeighted-average discount rates
    for obligations


5.80
%


4.75
%


5.50
%


5.00
%


5.75
%


5.75
%Weighted-average discount rates
    for expense(A)


5.50
%


5.00
%


5.75
%


5.75
%


6.25
%


6.00
%Rate of increase in future
    compensation


3.00
%


N/A



4.00
%


3.50
%


4.00
%


3.50
%Weighted-average, assumed initial
    healthcare cost trend rate


10.00
%


9.00
%


10.00
%


9.00
%


10.00
%


9.00
%Weighted-average, assumed ultimate
    healthcare cost trend rate


5.00
%


5.00
%


5.00
%


5.00
%


5.00
%


5.00
%Year anticipated attaining
    ultimate healthcare cost trend rate


2012



2015



2011



2014



2010



2013     (A) 
    For postretirement benefit plans
    impacted by amendments during the first half of 2005, a 5%
    discount rate was utilized for the plan re-measurement. F-35




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   non-U.S. plans,
       F-36




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     U.S. Plans


U.K. Plans


Other PlansPercentage of





Percentage of





Percentage ofPlan Assets





Plan Assets





Plan AssetsTarget


as of


Target


as of


Target


as ofAllocation


December 31,


Allocation


December 31,


Allocation


December 31,2007


2006


2005


2007


2006


2005


2007


2006


2005Asset category:Equity securities


53
%


53
%


53
%


60
%


62
%


61
%


54
%


56
%


56
%Debt securities


47
%


47
%


47
%


40
%


38
%


39
%


35
%


18
%


18
%Cash/Other



%



%



%



%



%



%


11
%


26
%


26
%         Other


MedicarePostretirement


Part DPension Benefits


Benefits


ReimbursementU.S.


Non-U.S.


U.S.


Non-U.S.


U.S.Plans


Plans


Plans


Plans


Plans(in millions)Employer
    Contributions:2007 (expected)

$
120


$
62


$
90


$
3



N/AExpected benefit payments and
    reimbursements:2007

$
73


$
118


$
89


$
3


$
22008


74



94



95



3



22009


74



99



99



4



22010


74



104



102



4



22011


74



103



106



3



32012  2016


371



574



530



17



16Total

$
740


$
1,092


$
1,021


$
34


$
27  F-37




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Other PostretirementPension Benefits


Benefits2006


2005


2006


2005(in millions)Change in benefit
    obligations:Actuarial present value of benefit
    obligation at beginning of measurement period

$
2,866


$
2,816


$
1,670


$
1,616Service cost


34



37



15



15Interest cost


143



146



85



75Plan participants
    contributions


5



1



8



8Actuarial loss (gain)


20



233



(173
)


220Currency translation adjustments


218



(209
)






2Gross benefits paid


(175
)


(175
)


(86
)


(80
)Plan amendments


21



17



(38
)


(186
)Actuarial present value of benefit
    obligation at end of measurement period


3,132



2,866



1,481



1,670Change in plan
    assets:Plan assets at fair value at
    beginning of measurement period


1,872



1,685







Actual return on plan assets


176



230







Currency translation adjustments


128



(51
)






Employer contributions


179



182



78



72Plan participants
    contributions


5



1



8



8Gross benefits paid


(175
)


(175
)


(86
)


(80
)Plan assets at fair value at end
    of measurement period


2,185



1,872







Funded status:


(947
)


(994
)


(1,481
)


(1,670
)Unrecognized prior service cost


N/A



3



N/A



(198
)Unrecognized net loss resulting
    from plan experience and changes in actuarial assumptions


N/A



849



N/A



925Remaining unrecognized net asset
    at initial application


N/A







N/A



14Net amount recognized at end of
    year

$
(947
)

$
(142
)

$
(1,481
)

$
(929
)  F-38




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Other PostretirementPension Benefits


Benefits2006


2005


2006


2005(in millions)Non-current assets

$
8


$
398


$



$
Current liabilities


(44
)


(23
)


(104
)


(57
)Non-current liabilities


(911
)


(963
)


(1,377
)


(872
)Accumulated other comprehensive
    income


N/A



446



N/A



Net asset (liability) recognized
    at end of year

$
(947
)

$
(142
)

$
(1,481
)

$
(929
)     OtherPension


PostretirementBenefits


Benefits(In millions)Unrecognized actuarial losses

$
839


$
639Unrecognized prior service cost


(5
)


(180
)Unrecognized transition obligation






7Total

$
834


$
466     OtherPostretirementPension Benefits


Benefits(in millions)Actuarial losses

$
13


$
23Prior service credit


(3
)


(12
)Total

$
10


$
11     December 31,2006


2005(in millions)Projected benefit obligation

$
2,841


$
2,740Accumulated benefit obligation


3,006



2,603Fair value of plan assets


2,051



1,854  F-39




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Other PostretirementPension Benefits


Benefits2006


2005


2004


2006


2005


2004(in millions)Components of net periodic
    benefit cost:Service cost

$
34


$
37


$
26


$
15


$
15


$
15Interest cost


143



146



142



85



75



83Expected return on assets


(150
)


(128
)


(121
)










Amortization of:Transition asset














7



7



9Prior service cost


3



2



3



(40
)


(36
)


(23
)Actuarial loss


51



78



47



87



77



50Net periodic benefit cost


81



135



97



154



138



134Curtailment loss (gain)


24











(23
)






Net periodic benefit cost

$
105


$
135


$
97


$
131


$
138


$
134   Other
    Programs
    Defined
    Contribution Plans
   F-40




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Note 13:
    Other
    Accrued Liabilities    2006


2005(in millions)Marketing and sales incentive
    programs

$
552


$
533Warranty and modification programs,


277



247Value-added taxes and other taxes
    payable


204



171Current deferred tax liability


170



61Current portion of defined benefit
    plan obligations


162



95Accrued payroll


120



137Accrued interest


87



74Deferred income


42



41Customer advances


25



27Other


505



409$
2,144


$
1,795   Note 14:
    Commitments
    and Contingencies    Environmental
    non-U.S. regulatory
   F-41




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    on-site
  and/or
     F-42




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Product
    Liability
    Other
    Litigation
  and/or
     F-43




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    In the Matter of Certain Participants in the Oil for Food
    Program Oil-for-Food Oil-for-Food
 F-44




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Commitments
    Amount(in millions)2007

$
402008


302009


232010


202011


172012 and beyond


77Total minimum rental commitments

$
207       Facility

Total Credit Limit


Utilized


Unfunded Amount(in millions)Private label credit card

$
3,518


$
203


$
3,315Wholesale and dealer financing


5,546



3,414



2,132   Guarantees
      Warranty
    and Modification Programs
  pre-established
  2006


2005(in millions)Balance, beginning of year

$
247


$
239Current year accruals


317



303Claims paid and other adjustments


(287
)


(295
)Balance, end of year

$
277


$
247  F-45




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Note 15:
    Financial
    Instruments  Fair
    Market Value of Financial Instruments  and/or
  2006


2005Carrying


Fair


Carrying


FairAmount


Value


Amount


Value(in millions)Accounts and notes receivable, net
    and long term receivables

$
6,549


$
6,547


$
5,841


$
5,858Long-term debt

$
4,072


$
4,164


$
4,765


$
4,883Derivative contracts, net asset
    (liability)

$
23


$
23


$
(70
)

$
(70
)   Accounts
    and notes receivable, net and long term receivables
    Long-term
    debt
    Derivative
    contracts, net
    Derivatives    Foreign
    Exchange Contracts
   F-46




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Interest
    Rate Derivatives
       F-47




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    back-to-back back-to-back
  Note 16:
    Shareholders
    Equity           F-48




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Series ACommon Shares


Preference Shares2006


2005


2006


2005(in thousands)Issued as of beginning of year


135,020



133,937



8,000



8,000Issuances of CNH Common Shares:Contributions to CNH benefit plans


690



904







Shares issued to Directors


35











Stock-based compensation


575



179







Conversion of CNH Series A
    Preferred Stock


100,000







(8,000
)


Issued as of end of year


236,320



135,020







8,000     Note 17:
    Option
    and Incentive Plans    CNH
    Outside Directors Compensation Plan
  and/or and/or 1 4
 F-49




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006WeightedAverageExerciseShares


PriceOutstanding at beginning of year


169,042


$
21.71Granted


54,589



25.75Forfeited


(33,874
)


38.60Exercised


(62,987
)


14.10Outstanding at end of year


126,770



23.16Exercisable at end of year


82,770



22.43Vested or expected to vest at end
    of year


82,770



22.43       Options Outstanding


Options ExercisableWeighted


Weighted








Weighted


WeightedAverage


Average


Aggregate





Average


Average


AggregateShares


Contractual


Exercise


Intrinsic


Shares


Contractual


Exercise


IntrinsicRange of Exercise Price

Outstanding


Life


Price


Value(A)


Exercisable


Life


Price


Value(A)$ 9.15 - $15.70


23,271



6.2


$
11.64


$
364,424



23,271



6.2


$
11.64


$
364,424$15.71 - $26.20


50,150



8.6



20.25



353,558



34,150



9.0



20.72



224,707$26.21 - $40.00


48,104



8.2



27.98







20,104



6.7



28.36



$40.01 - $56.00


1,622



3.8



49.31







1,622



3.8



49.31



$56.01 - $77.05


3,623



3.3



62.87







3,623



3.3



62.87



$
717,982














$
589,131     (A) 
    The difference between the exercise price of stock-based
    compensation and the year-end market price of CNH common shares
    of $27.30. No amount is shown for awards with a exercise price
    that is greater than the year-end market price.  Share
    Ownership.
    CNH
    Equity Incentive Plan
   F-50




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Stock
    Option Grants
    thirty-day
      2006Weighted-AverageShares


Exercise PriceOutstanding at beginning of year


2,041,070


$
34.62Granted


2,010,046



21.20Forfeited


(1,814,131
)


22.84Exercised


(476,519
)


16.20Outstanding at end of year


1,760,466



36.42Exercisable at end of year


1,361,650



40.48Vested or expected to vest at end
    of year


1,089,600



40.49    F-51




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Options Outstanding


Options ExercisableWeighted-


Weighted-








Weighted-


Weighted-Average


Average


Aggregate





Average


Average


AggregateShares


Contractual


Exercise


Intrinsic


Shares


Contractual


Exercise


IntrinsicRange of Exercise Price

Outstanding


Life


Price


Value (A)


Exercisable


Life


Price


Value (A)$10.00 - $19.99


364,316



5.6


$
16.20


$
4,043,908



364,316



5.6


$
16.20


$
4,043,908$20.00 - $29.99


387,510



5.2



21.20



2,363,811















$30.00 - $39.99


523,600



4.6



31.70







523,600



4.6



31.70



$40.00 - $69.99


485,040



3.1



68.85







474,084



3.1



68.85



$
6,407,719














$
4,043,908     (A)
    
     The difference between the
    exercise price of stock-based compensation and the year-end
    market price of CNH common shares of $27.30. No amount is shown
    for awards with a exercise price that is greater than the
    year-end market price.  Performance
    Share Grants
    3-year 3-year
  2004-2006 2004-2006
  2005-2007
   F-52




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006 Award


2005 Award


2004 AwardGrant


4,475,000



195,946



235,134Cancelled


(2,237,500
)






Exercised










(66,252
)Forfeited






(45,834
)


(119,442
)Outstanding


2,237,500



150,112



49,440     Stock-Based
    Compensation Fair Value Assumptions
    2006


2005


2004Directors


CNH


Directors





Directors


CNHPlan


EIP


Plan


CNH EIP


Plan


EIPRisk-free interest rate


4.8
%


4.5
%


3.9
%


3.7
%


3.4
%


3.5
%Dividend yield


1.3
%


1.3
%


1.3
%


1.3
%


1.3
%


1.3
%Stock price volatility


71.0
%


34.7
%


72.0
%


71.5
%


75.0
%


75.3
%Option life (years)


5.00



3.25



5.00



5.00



5.00



5.00     2006


2005


2004CNH Directors Plan

$
14.61


$
10.13


$
9.94CNH EIP

$
5.78


$
10.18


$
10.61      F-53




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Additional
    Stock-Based Compensation Information
    2006


2005


2004(in millions)Total intrinsic value of options
    exercised

$
5.0


$
0.8


$
Total intrinsic value of
    share-based liabilities paid

$
1.8


$



$
4.5Fair value of shares vested

$
2.6


$
4.8


$
10.0Cash received from stock award
    exercises

$
8.6


$
3.0


$
1.2       Fiat
    Stock Option Program
    Date of Grant


Exercise Price


OptionsDate of Grant

Share Price


Original


Current


Granted


Transfers


Forfeitures


Exercises


Outstanding


Exercisable3/30/1999


29.38



28.45



26.12



53,300



17,900



(40,500
)






30,700



30,7002/18/2000


33.00



30.63



28.12



102,500



51,000



(74,500
)






79,000



79,0002/27/2001


26.77



27.07



24.85



50,000



(20,000
)


(30,000
)










10/31/2001


18.06



18.00



16.52



249,000



53,000



(173,0000
)






129,000



129,0009/12/2002


11.88



11.16



10.39



513,000



27,000



(292,000
)


(51,000
)


197,000



197,000     Other
    programs
  and/or
  Note 18:
    Earnings
    per Share   F-54




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        2006


2005


2004(in millions, exceptper share data)Basic:Net income

$
292


$
163


$
125Dividend to common shares
    ($0.25 per share)






(34
)


Undistributed earnings


292



129



125Earnings allocated to
    Series A Preferred Stock






(59
)


Earnings available to common
    shareholders


292



70



125Dividend to common shares






34



Net income available to common
    shareholders

$
292


$
104


$
125Weighted average common shares
    outstanding  basic


213



134



133Basic earnings per share

$
1.37


$
0.77


$
0.94Diluted:Net income

$
292


$
163


$
125Weighted average common shares
    outstanding  basic


213



134



133Effect of dilutive securities
    (when dilutive):Series A Preferred Stock


23



100



100Stock Compensation Plans(A)


1







Weighted average common shares
    outstanding  diluted


237



234



233Diluted earnings per share

$
1.23


$
0.70


$
0.54     (A)
    
    Stock options to purchase approximately 1.1 million,
    1.2 million, and 2.9 million shares during 2006, 2005,
    and 2004, respectively, were outstanding but not included in the
    calculation of diluted earnings per share as the impact of these
    options would have been anti-dilutive. F-55




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Note 19:
    Accumulated
    Other Comprehensive Income (Loss)    2006


2005(in millions)Cumulative translation adjustment

$
(23
)

$
(138
)Minimum pension liability
    adjustment, net of taxes $(253)






(446
)Adjustment to recognize the
    underfunded status of defined benefit plans, net of taxes $(477)


(821
)


Deferred gains (losses) on
    derivative financial instruments, net of taxes ($(8) and$16, respectively)


16



(51
)Unrealized gain on available for
    sale securities, net of taxes ($(8) and $(3), respectively)


10



9Total

$
(818
)

$
(626
)   Note 20:
    Segment
    and Geographical Information  Segment
    Information
    Agricultural
    Equipment
    Construction
    Equipment
    Financial
    Services
   F-56




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          Years Ended December 31,2006


2005


2004(in millions)Trading profit reported to Fiat
    under IFRS

$
925


$
869


$
581Adjustments to convert from
    trading profit to U.S. GAAP income before taxes, minority
    interest and equity in income (loss) of
    unconsolidated subsidiaries:Accounting for benefit plans


(135
)


(258
)


(128
)Accounting for intangible assets,
    primarily development costs


(48
)


11



20Restructuring


(96
)


(73
)


(104
)Net financial expense


(240
)


(283
)


(360
)Purchase accounting adjustment










165Accounting for receivable
    securitizations and other


11



(9
)


(15
)Income (loss) before taxes,
    minority interest and equity in income (loss) of unconsolidated
    subsidiaries and affiliates under U.S. GAAP

$
417


$
257


$
159  F-57




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Years Ended December 31,2006


2005


2004(in millions)Agricultural equipment

$
307


$
260


$
352Construction equipment


272



209



164Financial services


313



293



235Other


33(A
)


107(B
)


(170
)(C)Trading profit under IFRS

$
925


$
869


$
581     (A)
    
    During the year ended
    December 31, 2006, CNH recognized benefit plan amendment
    gains in trading profit under IFRS. For comparative purposes,
    the impact of these amendments are reflected on the line
    Other in the table above.(B)
    
    During the year ended
    December 31, 2005, CNH recognized net benefit plan
    amendment gains in trading profit under IFRS. For comparative
    purposes, the impact of these amendments are reflected on the
    line Other in the table above.(C)
    
    Principally a purchase accounting
    adjustment to reverse various tax valuation allowances
    established in Case Corporation purchase accounting. F-58




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006


2005


2004(in millions)Revenues:Agricultural equipment

$
7,817


$
7,843


$
8,000Construction equipment


4,301



3,963



3,545Financial services


1,332



1,094



905Eliminations


(232
)


(194
)


(31
)Net revenues under IFRS


13,218



12,706



12,419Difference, principally finance
    and interestincome on receivables held by
    QSPEs (on-bookunder IFRS)


(220
)


(131
)


(240
)Revenues under U.S. GAAP

$
12,998


$
12,575


$
12,179Depreciation and
    amortization:Agricultural equipment

$
238


$
234


$
233Construction equipment


86



82



78Financial services


44



46



64Depreciation and amortization
    under IFRS


368



362



375Difference, principally
    amortization of development costs capitalized under IFRS


(52
)


(53
)


(50
)Depreciation and amortization
    under U.S. GAAP

$
316


$
309


$
325Segment assets:Agricultural equipment*

$
7,062


$
6,041


$
6,112Construction equipment*


3,914



2,553



2,561Financial services


15,348



13,522



12,246Assets not allocated to segments,principally goodwill, intangibles
    and taxes


7,504



7,986



8,185Eliminations


(7,703
)


(6,190
)


(5,396
)Segment assets under IFRS


26,125



23,912



23,708Difference, principally
    receivables held by QSPEs (on-book under IFRS)


(7,851
)


(6,594
)


(5,628
)Total assets under U.S. GAAP

$
18,274


$
17,318


$
18,080     *
    
    Includes receivables legally transferred to Financial Services  F-59




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  2006


2005


2004(in millions)Expenditures for additions to
    long-lived assets*:Agricultural equipment

$
223


$
144


$
129Construction equipment


87



38



35Financial services


180



114



82Unallocated


5



21



26Expenditures for additions to
    long-lived assets under IFRS


495



317



272Difference, principally
    development costs capitalized under IFRS


(104
)


(51
)


(11
)Total expenditures for additions
    to long-lived assets under U.S. GAAP

$
391


$
266


$
261     *
    
    Includes equipment on operating leases and property, plant and
    equipment  2006


2005(in millions)Investments in unconsolidated
    subsidiaries and affiliates:Agricultural equipment

$
160


$
155Construction equipment


194



201Financial services


103



96Investments in unconsolidated
    subsidiaries and affiliates under IFRS


457



452Difference, principally historical
    goodwill and pension






(3
)Investments in unconsolidated
    subsidiaries and affiliates under U.S. GAAP

$
457


$
449   Geographical
    Information
    United





UnitedStates


Canada


Kingdom


Italy


Belgium


Other


Total(in millions)At December 31, 2006, and for
    theyear then ended:Total revenues

$
5,168


$
952


$
400


$
587


$
122


$
5,769


$
12,998Long-lived assets

$
737


$
53


$
119


$
257


$
124


$
342


$
1,632At December 31, 2005, and for
    the year then ended:Total revenues

$
4,768


$
850


$
398


$
569


$
104


$
5,886


$
12,575Long-lived assets

$
667


$
79


$
121


$
173


$
116


$
335


$
1,491At December 31, 2004, and for
    theyear then ended:Total revenues

$
4,934


$
748


$
561


$
617


$
117


$
5,202


$
12,179Long-lived assets

$
679


$
88


$
146


$
276


$
143


$
361


$
1,693    F-60




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Note 21:
    Related
    Party Information      multi-currency short-term sub-limits short-term
       F-61




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
                and/or
   F-62




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006


2005


2004(in millions)Sales to affiliated companies and
    joint ventures

$
143


$
121


$
124Purchase of materials, production
    parts, merchandise and services

$
552


$
525


$
565Finance and interest income

$
36


$
41


$
28   Note 22:
    Supplemental
    Condensed Consolidating Financial Information        F-63




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Statements of IncomeFor the Year Ended December 31, 2006CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Revenues:Net sales

$



$



$
8,760


$
6,220


$
(2,865
)

$
12,115Finance and interest income


43



168



155



968



(451
)


88343



168



8,915



7,188



(3,316
)


12,998Cost and Expenses:Cost of goods sold










7,418



5,380



(2,865
)


9,933Selling, general and administrative


4







608



636







1,248Research, development and
    engineering










263



104







367Restructuring










61



35







96Interest expense


86



176



176



445



(305
)


578Interest compensation to Financial
    Services










201



18



(219
)


Other, net


12



2



165



107



73



359102



178



8,892



6,725



(3,316
)


12,581Income (loss) before taxes,
    minority interest and equity inincome (loss) of unconsolidatedaffiliates and consolidatedsubsidiaries accounted for underthe equity method


(59
)


(10
)


23



463







417Income tax provision (benefit)


6



(9
)


40



128







165Minority interest










1



15







16Equity in income (loss) of
    unconsolidated affiliates andconsolidated subsidiaries accountedfor under the equity method


357



262



219



(7
)


(775
)


56Net income

$
292


$
261


$
201


$
313


$
(775
)

$
292   F-64




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Balance SheetsAs of December 31, 2006CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Assets:Cash and cash equivalents

$



$
555


$
56


$
563


$



$
1,174Deposits in Fiat affiliates cashmanagement pools


8







139



350







497Accounts, notes receivable and
    other, net


70



32



781



6,531



(865
)


6,549Intercompany notes receivable


758



2,322



1,581



294



(4,955
)


Inventories










1,449



1,286







2,735Property, plant and equipment,
    net










823



555







1,378Equipment on operating leases,
    net














254







254Investments in unconsolidated
    affiliates


349







6



102







457Investments in consolidated
    subsidiaries accounted for under the equity method


5,670



2,712



2,061



(174
)


(10,269
)


Goodwill and intangible assets, net


3







2,826



244







3,073Other assets


1



29



1,219



1,018



(110
)


2,157Total Assets

$
6,859


$
5,650


$
10,941


$
11,023


$
(16,199
)

$
18,274Liabilities and Equity:Short-term debt

$
254


$



$
645


$
371


$



$
1,270Intercompany short-term debt


1,339







1,395



1,401



(4,135
)


Accounts payable


135



5



1,088



1,482



(829
)


1,881Long-term debt






2,034



321



2,777







5,132Intercompany long-term debt










502



318



(820
)


Accrued and other liabilities


11



17



3,579



1,410



(146
)


4,8711,739



2,056



7,530



7,759



(5,930
)


13,154EquityTotal Liabilities and Equity


5,120



3,594



3,411



3,264



(10,269
)


5,120$
6,859


$
5,650


$
10,941


$
11,023


$
(16,199
)

$
18,274   F-65




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Statements of Cash FlowFor the Year Ended December 31, 2006CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Operating Activities:Net income

$
292


$
261


$
201


$
313


$
(775
)

$
292Adjustments to reconcile net
    income to net cash provided (used) by operating activities:Depreciation and amortization










191



125







316Intercompany activity


23



(14
)


7



(16
)






Changes in operating assets and
    liabilities


53



24



139



(170
)






46Other, net


(305
)


(270
)


(132
)


(40
)


700



(47
)Net cash provided (used) by
    operating activities


63



1



406



212



(75
)


607Investing activities:Expenditures for property, plant
    and equipment










(116
)


(102
)






(218
)Expenditures for equipment on
    operating leases














(173
)






(173
)Net (additions) collections from
    retail receivables and related securitizations














(227
)






(227
)Other, net


(125
)






18



163







56(Deposits in) withdrawals from
    Fiat affiliates cash management pools


58







15



55







128Net cash provided (used) by
    investing activities


(67
)






(83
)


(284
)






(434
)Financing Activities:Intercompany activity


204



(590
)


(19
)


405







Net increase (decrease) in
    indebtedness


(141
)


500



(279
)


(288
)






(208
)Dividends paid


(59
)


















(59
)Other, net






(9
)


(41
)


(34
)


75



(9
)Net cash provided (used) by
    financing activities


4



(99
)


(339
)


83



75



(276
)Other, net










(18
)


50







32Increase (decrease) in cash and
    cash equivalents






(98
)


(34
)


61







(71
)Cash and cash equivalents,
    beginning of year






653



90



502







1,245Cash and cash equivalents, end of
    year

$



$
555


$
56


$
563


$



$
1,174  F-66




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Statements of IncomeFor the Year Ended December 31, 2005CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Revenues:Net sales

$



$



$
9,085


$
5,766


$
(3,045
)

$
11,806Finance and interest income


35



110



87



823



(286
)


76935



110



9,172



6,589



(3,331
)


12,575Cost and Expenses:Cost of goods sold










7,893



5,086



(3,045
)


9,934Selling, general and administrative


2







584



591







1,177Research, development and
    engineering










216



87







303Restructuring










18



55







73Interest expense


55



139



122



418



(183
)


551Interest compensation to Financial
    Services










159







(159
)


Other, net


15







118



91



56



28072



139



9,110



6,328



(3,331
)


12,318Income (loss) before taxes,
    minority interest and equity in income (loss) of unconsolidated
    affiliates and consolidated subsidiaries accounted for under the
    equity method


(37
)


(29
)


62



261







257Income tax provision (benefit)


(1
)


(12
)


92



37







116Minority interest














26







26Equity in income (loss) of
    unconsolidated affiliates and consolidated subsidiaries
    accounted for under the equity method


199



127



177



(112
)


(343
)


48Net income

$
163


$
110


$
147


$
86


$
(343
)

$
163  F-67




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Balance SheetsAs of December 31, 2005CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Assets:Cash and cash equivalents

$



$
653


$
90


$
502


$



$
1,245Deposits in Fiat affiliates cash
    management pools


66







145



369







580Accounts, notes receivable and
    other, net


82



19



735



5,741



(736
)


5,841Intercompany notes receivable


594



1,732



1,084



328



(3,738
)


Inventories










1,336



1,130







2,466Property, plant and equipment, net










826



485







1,311Equipment on operating leases, net














180







180Investments in unconsolidated
    affiliates


314







12



123







449Investments in consolidated
    subsidiaries accounted for under the equity method


5,471



2,828



1,512



(57
)


(9,754
)


Goodwill and intangible assets, net


1







2,926



236







3,163Other assets


15



17



1,341



800



(90
)


2,083Total Assets

$
6,543


$
5,249


$
10,007


$
9,837


$
(14,318
)

$
17,318Liabilities and Equity:Short-term debt

$
245


$



$
686


$
591


$



$
1,522Intercompany short-term debt


971







894



1,119



(2,984
)


Accounts payable


116



6



986



1,205



(704
)


1,609Long-term debt


150



1,534



557



2,524







4,765Intercompany long-term debt










525



229



(754
)


Accrued and other liabilities


9







3,127



1,357



(123
)


4,3701,491



1,540



6,775



7,025



(4,565
)


12,266Equity


5,052



3,709



3,232



2,812



(9,753
)


5,052Total Liabilities and Equity

$
6,543


$
5,249


$
10,007


$
9,837


$
(14,318
)

$
17,318  F-68




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Statements of Cash FlowFor the Year Ended December 31, 2005CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Operating Activities:Net income

$
163


$
110


$
147


$
86


$
(343
)

$
163Adjustments to reconcile net
    income to net cash provided (used) by operating activities:
    Depreciation and amortization










170



139







309Intercompany activity






4



23



(27
)






Changes in operating assets and
    liabilities


3



(13
)


(73
)


(5
)






(88
)Other, net


(136
)


(133
)


205



131



98



165Net cash provided (used) by
    operating activities


30



(32
)


472



324



(245
)


549Investing activities:Expenditures for property, plant
    and equipment










(87
)


(68
)






(155
)Expenditures for equipment on
    operating leases














(111
)






(111
)Net (additions) collections from
    retail receivables and related securitizations














171







171Other, net


(104
)






90



119







105(Deposits in) withdrawals from
    Fiat affiliates cash management pools


(6
)






597



(85
)






506Net cash provided (used) by
    investing activities


(110
)






600



26







516Financing Activities:Intercompany activity


671



228



(827
)


(72
)






Net increase (decrease) in
    indebtedness


(557
)


6



421



(609
)






(739
)Dividends paid


(34
)


















(34
)Other, net










(630
)


385



245



Net cash provided (used) by
    financing activities


80



234



(1,036
)


(296
)


245



(773
)Other, net










(7
)


29







22Increase (decrease) in cash and
    cash equivalents






202



29



83







314Cash and cash equivalents,
    beginning of year






451



61



419







931Cash and cash equivalents, end of
    year

$



$
653


$
90


$
502


$



$
1,245  F-69




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Statements of IncomeFor the Year Ended December 31, 2004CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Revenues:Net sales

$



$



$
8,430


$
5,779


$
(2,664
)

$
11,545Finance and interest income


37



72



60



694



(229
)


63437



72



8,490



6,473



(2,893
)


12,179Cost and Expenses:Cost of goods sold










7,373



5,079



(2,670
)


9,782Selling, general and administrative


5







524



571







1,100Research, development and
    engineering










196



81







277Restructuring










53



51







104Interest expense


43



122



116



346



(135
)


492Interest compensation to Financial
    Services










113







(113
)


Other, net


21







199



17



28



26569



122



8,574



6,145



(2,890
)


12,020Income (loss) before taxes,
    minority interest and equity in income (loss) of unconsolidated
    affiliates and consolidated subsidiaries accounted for under the
    equity method


(32
)


(50
)


(84
)


328



(3
)


159Income tax provision (benefit)


1



(19
)


(88
)


145







39Minority interest














23







23Equity in income (loss) of
    unconsolidated affiliates and consolidated subsidiaries
    accounted for under the equity method


158



167



128



(77
)


(348
)


28Net income

$
125


$
136


$
132


$
83


$
(351
)

$
125  F-70




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Condensed Statements of Cash FlowFor the Year Ended December 31, 2004CNHGlobal


Case New


Guarantor


All OtherN.V.


Holland Inc.


Subsidiaries


Subsidiaries


Eliminations


Consolidated(in millions)Operating Activities:Net income (loss)

$
125


$
136


$
132


$
83


$
(351
)

$
125Adjustments to reconcile net
    income (loss) to net cash provided (used) by operating
    activities:Depreciation and amortization










168



157







325Intercompany activity


52



(15
)


526



(563
)






Changes in operating assets and
    liabilities


(54
)


(10
)


240



384







560Other, net


(72
)


(97
)


(72
)


71



130



(40
)Net cash provided (used) by
    operating activities


51



14



994



132



(221
)


970Investing activities:Expenditures for property, plant
    and equipment










(103
)


(77
)






(180
)Expenditures for equipment on
    operating leases














(81
)






(81
)Net (additions) collections from
    retail receivables and related securitizations














(569
)






(569
)Other, net (primarily acquisitions
    and divestitures)


(583
)


(1,526
)


(37
)


(85
)


2,448



217(Deposits in) withdrawals from
    Fiat affiliates cash management pools


(27
)






259



(15
)






217Net cash provided (used) by
    investing activities


(610
)


(1,526
)


119



(827
)


2,448



(396
)Financing Activities:Intercompany activity


656



236



(529
)


(363
)






Net increase (decrease) in
    indebtedness


(64
)


476



(1,097
)


442







(243
)Dividends paid


(33
)


















(33
)Other, net






938



449



839



(2,227
)


(1
)Net cash provided (used) by
    financing activities


559



1,650



(1,177
)


918



(2,227
)


(277
)Other, net










40



(25
)






15Increase (decrease) in cash and
    cash equivalents






138



(24
)


198







312Cash and cash equivalents,
    beginning of year






313



85



221







619Cash and cash equivalents, end of
    year

$



$
451


$
61


$
419


$



$
931  F-71




---



##### Table of Contents



CNH
    GLOBAL N.V.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Note 23:
    Subsequent
    Events   F-72




---



##### Table of Contents



SIGNATURE
  Form 20-F
   (Registrant)
  
   Chief Financial Officer




---



##### Table of Contents



INDEX TO
    EXHIBITS
  Exhibit

Description1
.1

Amended Articles of Association of
    CNH Global N.V. (amended on April 13, 2006).1
.2

Regulations of the Board of
    Directors of CNH Global N.V. dated December 8, 1999
    (Previously filed as Exhibit 1.2 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 1999
    (File
    No. 001-14528)
    and incorporated herein by reference).1
.3

Resolution of the Board of
    Directors of CNH Global N.V. dated March 31, 2003
    (Previously filed as Exhibit 2 to
    Form 6-K
    of CNH Global N.V. on April 4, 2003 and incorporated herein
    by reference).2
.1

Registration Rights Agreement
    entered into among CNH Global N.V., Fiat S.p.A. and Sicind
    S.p.A. dated April 8, 2003 (Previously filed as
    Exhibit 2.1 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2002
    (File
    No. 333-05752)
    and incorporated herein by reference).2
.2

Indenture, dated as of
    August 1, 2003, by and among Case New Holland Inc., as
    issuer, the Guarantors named therein and JP Morgan Chase, as
    trustee (Previously filed as Exhibit 10.5.1 to the annual
    report on
    Form 20-F
    of the registrant for the year ended December 31, 2003 and
    incorporated herein by reference).2
.3

First Supplemental Indenture,
    dated as of September 16, 2003, by and among Case New
    Holland Inc., as issuer, the Guarantors named therein and JP
    Morgan Chase, as trustee (Previously filed as
    Exhibit 10.5.2 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2003 and
    incorporated herein by reference).2
.4

Indenture, dated as of
    May 18, 2004 between Case New Holland Inc., a subsidiary of
    CNH Global N.V., as issuer, the Guarantors named therein and
    J.P. Morgan Chase Bank, as trustee, regarding
    6% Senior Notes due 2009, Series A and 6% Senior
    Notes due 2009, Series B (Previously filed as
    Exhibit 3 to
    Form 6-K
    of CNH Global N.V. on July 23, 2004 and incorporated herein
    by reference).2
.5

Indenture, dated March 3,
    2006, between Case New Holland, Inc., as issuer, the Guarantors
    named therein and J.P. Morgan Chase Bank N.A., as trustee,
    regarding 7.125% Senior Notes due 2014. (Previously filed as
    Exhibit 2.5 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2005 and
    herein incorporated by reference).There have not been filed as
    exhibits to this
    Form 20-F
    certain long-term debt instruments, none of which relates to
    indebtedness that exceeds 10% of the consolidated assets of CNH
    Global N.V. CNH Global N.V. agrees to furnish the Securities and
    Exchange Commission, upon its request, a copy of any instrument
    defining the rights of holders of long-term debt of CNH Global
    N.V. and its consolidated subsidiaries.4
.1

Outside Directors
    Compensation Plan of CNH Global N.V. as amended and restated
    May 8, 2003 (Previously filed as Exhibit 4.1 to the
    annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2003 and
    incorporated herein by reference).4
.1.1

Amendment to Outside
    Directors Compensation Plan of CNH Global N.V., dated
    April 27, 2004 (Previously filed as Exhibit 4.1.1 to
    the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2004 and
    incorporated herein by reference).4
.1.2

Amendment to Outside
    Directors Compensation Plan of CNH Global N.V., dated
    May 3, 2005. (Previously filed as Exhibit 4.1.2 to the
    annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2005 and
    herein incorporated by reference).4
.1.3

Amendment to and Restatement of
    Outside Directors Compensation Plan of CNH Global N.V.,
    dated April 28, 2006.4
.2

Equity Incentive Plan of CNH
    Global N.V. as amended and restated on July 23, 2001
    (Previously filed as Exhibit 10.1 to the Registration
    Statement on
    Form F-3
    of CNH Global N.V. (File
    No. 333-84954)
    and incorporated herein by reference).4
.2.1

CNH Global N.V. Long-term
    Incentive Program under the Equity Incentive Plan. (Previously
    filed as Exhibit 4.2.1 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2004 and
    incorporated herein by reference).4
.2.2

2005 Form of Performance Unit
    Award Agreement. (Previously filed as Exhibit 4.2.2 to the
    annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2005 and
    herein incorporated by reference).




---



##### Table of Contents



Exhibit

Description4
.2.3

2005 Variable Pay Plan (Management
    Bonus Program). (Previously filed as Exhibit 4.2.3 to the
    annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2005 and
    herein incorporated by reference).4
.2.4

Equity Incentive Plan of CNH
    Global N.V. as amended and restated on July 21, 2006.4
.2.5

Top Performance Plan.4
.2.6

Leadership Incentive Plan.4
.3

Form of Top Hat Plan Letter.
    (Previously filed as Exhibit 4.3 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2004 and
    incorporated herein by reference).4
.4

Case New Holland Inc. Deferred
    Compensation Plan. (Previously filed as Exhibit 4.4 to the
    annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2004 and
    incorporated herein by reference).4
.5

Amended and Restated Transfer and
    Administration Agreement dated December 15, 2000 between
    CNH Capital Receivables Inc. as Transferor, Case Credit
    Corporation, in its individual capacity and as Servicer, Certain
    APA Banks named therein, Certain Funding Agents named therein
    and The Chase Manhattan Bank as Administrative Agent (Previously
    filed as Exhibit 10(e)(1) to the Annual Report on
    Form 10-K
    of Case Credit Corporation (File
    No. 33-80775-01)
    for the year ended December 31, 2000 and incorporated
    herein by reference).4
.6

First Amendment, dated as of
    January 15, 2002, to the Amended and Restated Transfer and
    Administration Agreement (Previously filed as
    Exhibit 10.2.2 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2003 and
    incorporated herein by reference).4
.7

Second Amendment, dated as of
    January 14, 2003, to the Amended and Restated Transfer and
    Administration Agreement (Previously filed as
    Exhibit 10.2.3 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2003 and
    incorporated herein by reference).4
.8

Third Amendment, dated as of
    January 13, 2004, to the Amended and Restated Transfer and
    Administration Agreement (Previously filed as
    Exhibit 10.2.4 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2003 and
    incorporated herein by reference).4
.9

Fourth Amendment, dated as of
    April 19, 2004, to the Amended and Restated Transfer and
    Administration Agreement (Previously filed as
    Exhibit 10.2.5 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2004 and
    incorporated herein by reference).4
.10

Fifth Amendment, dated as of
    January 11, 2005, to the Amended and Restated Transfer and
    Administration Agreement (Previously filed as
    Exhibit 10.2.6 to the annual report on
    Form 20-F
    of the registrant for the year ended December 31, 2004 and
    incorporated herein by reference).8
.1

List of subsidiaries of registrant.12
.1

Certification Pursuant to the
    Securities Exchange Act
    Rule 13a-14(a)/15d-14(a),
    as Adopted Pursuant to Section 302 of the Sarbanes-Oxley
    Act of 2002.12
.2

Certification Pursuant to the
    Securities Exchange Act
    Rule 13a-14(a)/15d-14(a),
    as Adopted Pursuant to Section 302 of the Sarbanes-Oxley
    Act of 2002.13


Certification required by
    Rule 13(a)-14(b)
    or
    Rule 15(d)-14(b)
    and Section 1350 of Chapter 63 of Title 18 of the
    United States Code (18 U.S.C. 1350).15


Consent of Deloitte &
    Touche LLP.